The statistics for May are out and its good news for homebuyers. May saw the smallest month-over-month increase in home prices in ten months. Prices rose nationally by 8.5 percent over the past twelve months.
Some hot markets like Ottawa, Toronto and Vancouver saw the largest drop in sales activity and overall nationally sales fell down 9.5% from April’s frenzied pace. May is normally at the top of the spring buying cycle.
What does this mean to home sellers and homebuyers? It means the market is getting back into balance, supply should expand to meet demand, prices will soften up, houses will spend more time on the market and the number of multiple offers will decline.