Canadian home sales rise 5.5% in May, housing starts dip

Canadian home sales increased by 5.5% in May, recovering some ground after a slow start to the spring market, while housing starts saw a 6% decline. The Canadian Real Estate Association reported that the industry group's Home Price Index edged 0.1% lower on the month and was down 4.1% year-over-year. Newly listed properties fell 1% month-over-month, and the sales-to-new listings ratio rose to 49.2% from 46.2% in April, though it remained below the long-term average of 54.8%. CREA chair Garry Bhaura noted that activity is now picking up, suggesting the spring market was delayed.