Canadian Housing Market Suffers ‘Sleepy Month’ Ahead of Rate Cut
- Sales fell in May from a month earlier, CREA data show
- Benchmark price of a house is down 2.4% from a year earlier
A housing development in Bradford West Gwillimbury, Ontario.
Photographer: Cole Burston/AFP/Getty ImagesThis article is for subscribers only.
Canada’s housing market weakened in May, ahead of a long-awaited interest rate cut from the Bank of Canada that may help ease some pressures on buyers.
The benchmark price of a home fell 0.2% in May from the month before to C$714,300 ($519,700), according to data released Monday by the Canadian Real Estate Association. Prices are down 2.4% from the same time last year.