Home sales bounced back by 57 per cent from their worst April in more than 30 years last month, but the average price of a home sold in May still inched lower compared to last year. Activity picked up a little in May, but the sales level is still just two-thirds what it was before the pandemic struck. The average price of a home sold in April was $488,000. If Toronto and Vancouver are stripped out of the numbers, the average selling price was $401,000 in May. "Because the level of transactions is still so low, average price data should be taken with a large grain of salt," TD Bank economist Rishi Sondhi said.

Source: CBC News June 15, 2020 14:25 UTC