House prices rose 8.5% in Canada in May

The Canadian Press, Ottawa

House sales fell 4.3% in May in Canada, but the national average price of home sales rose 8.5%, said Wednesday the Canadian Real Estate Association (CREA).

Even though activity has declined over 70% of local markets, “said ACI, the results downward recorded nationally were attributable mainly to sales made at least in Toronto, Vancouver and Ottawa.L ‘ Association said it is unusual to see sales fall in May compared to April, a situation she attributed to changes in mortgage regulations, coupled with rising mortgage rates – which have prompted some buyers to realize their transactions in April.

The chief economist of the AIT, Gregory Klump said that the gap between supply and demand has narrowed further in several major markets, giving potential buyers more time and more choice .

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