Jun 26
Condominium sales were the main driver of the 2.0%
rise in existing home sales in May, which came in higher than the 1.2%
gain expected by economists.
Condo sales rose 5.5% in May, more than reversing the 5.2% monthly
drop in April, while single family home sales rose 1.6% in the month to
4.99 million units against the 4.95 million sales expected.
“Even with such a massive boost from condos, it did not even make a
dent in the month’s supply of condos which remains at 14.2 months,” noted
Charmaine Buskas, senior economics strategist from TD Securities.