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Canadian home sales rebound by a record 56.9% in May: CREA

FILE PHOTO: 'For Sale' sign is pictured in the front yard of a house in Toronto, Ontario, Canada, July 17, 2018. REUTERS/Carlo Allegri/File Photo

TORONTO (Reuters) - Canadian home sales rebounded at a record rate in May, when lockdowns to help contain the coronavirus pandemic eased, after plunging in April, data from the Canadian Real Estate Association (CREA) showed on Monday.

Home sales surged 56.9% in May from the weakest month of April on record, the industry group said.

“The big picture is things are moving in the right direction but still have a long way to go,” said Shaun Cathcart, CREA’s senior economist. “Sales and new listings are both way up month-over-month but still way down compared to year-ago.”

Actual sales, not seasonally adjusted, fell 39.8% from a year earlier, while the group’s Home Price Index was up 5.3% from May last year.

“With sales and new listings moving down and now back up in tandem, and overall supply still falling, prices appear to be holding firm at this point,” Cathcart said.

Reporting by Fergal Smith; eSditing by Jonathan Oatis

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