Market set for a shift, experts say

Insiders expect rate cut to spur activity after slowing sales, rise in listings led to quiet May

- CLARRIE FEINSTEIN

Canada's real estate market remained quiet in May as sales edged lower and new listings ticked higher month over month, but the Bank of Canada's first rate cut in four years could signal a shift in buyer and seller psychology moving forward.

The Canadian Real Estate Association's (CREA) Monday report shows home sales activity dipped by 0.6 per cent between April and May while new listings were up 0.5 per cent. That combination of slow sales and a higher volume of new listings mean more homes are for sale across the majority of Canadian markets.

Nationally, there were 175,000 properties listed for sale, a more than 28 per cent increase from a year earlier but still below historical averages, the reported added.