According to statistics released today by the Canadian Real Estate Association (CREA), national resale housing activity across Canada remained stable in May compared to April.
However, the report noted the national average price is still being distorted upward by historically high sales activity in certain Vancouver neighbourhoods.
Sales edged down 1% in May with activity declines in Vancouver and Ottawa, offsetting gains in Edmonton and Toronto, where sales reached the second highest level on record for the month of May.
Gary Morse, CREA's president, said, “The Canadian housing market has seen some big ups and downs in recent years, making national sales activity so far this year look like something of a Goldilocks story by comparison – not too hot, not too cold.”
The number of newly listed homes fell in Vancouver, the Fraser Valley and the Okanagan region in May.
The national average price for homes sold in May 2011 was $376,817, up 8.6% from the same month last year.
Skewing that number is sales activity in selected pricey Vancouver neighbourhoods. If Vancouver sales are excluded from the calculation, the year-over-year change in the national average price amounts to 5.6%.
Jennifer Harrison
Twitter: jharrisonbiv