Sales in Canadian Real Estate Have Gone Worst In Over 10 Years
Sales in Canadian real estate have gone worst in over 10 years. CREA i.e Canadian Real Estate Association numbers show that sales in May, usually its the peak of the year which is significantly lower than the last year. In fact, this was the worst number of home sales in May in Canada over the past few decades.
Non-Seasonally Adjusted Versus Seasonally
If you know difference then skip this. For those that don’t have seasonal adjustments just to remove seasonal swings from the data sets. Generally, Economists prefer adjustments, to help month-over-month performance.
For example, few home sales happen in winter, and more into the spring season. Seasonal adjustments lower down number of spring sales. This result is too nice and are pretty lines on the chart, using timeline of numbers which didn’t happen.
Sales in Canadian Real Estate Are Down By 15% When Adjusted Seasonally
Let’s start with seasonally adjusted numbers of industry. CREA reported adjusted sales around 36,373 across Canada and a decline of 0.1% from the previous month. This represents an annual decline of around -15.03% as compared to the same month of last year. It is the worst adjusted period since December 2012, and worst seasonally adjusted May in the last 10 years.
Sales in Canadian Real Estate Are Down By 16% When Seasonally Not Adjusted
Unadjusted, sales made a slightly decline. CREA numbers show around 50,640 unadjusted sales in May across Canada. Annual decline works around 16.42% that makes it one of the largest annual declines since 2008 for May.