Canadian homebuyers remained on the sidelines in May despite a small uptick in properties available for sale, but the national real estate association expects activity to pick up this month after the central bank cut interest rates for the first time in four years.
Meanwhile, the number of new listings rose 0.5 per cent, pushing the supply of homes for sale to their highest level since the fall of 2019. As of the end of last month, there were 4.4 months of inventory remaining. Royal LePage president Phil Soper agreed and said the response was “pretty tepid.” After the June interest-rate cut, he had forecast a material lift in home sales and accelerated home-price appreciation.
But Mr. Hislop also said some homeowners are trying to sell their properties because they cannot afford the higher mortgage costs.