The Canadian Real Estate Association says May was the weakest showing for the month since 1996.

But data from the Canadian Real Estate Association shows no dramatic price drop, as both buyers and sellers wait on the sidelines.

Despite the collapse in home sales activity, the national average home price was up 12.5 per cent compared to March 2019, the Canadian Real Estate Association said.

Even excluding Vancouver and Toronto, the national average home prices was up 10% in February compared to the same month last year.

Revamped demand from buyers, along with long-term supply pressures in the resale market, will likely bring heated competition for new listings.

The Canadian Real Estate Association is also forecasting solid growth in 2020.

On a month-over-month basis, sales held steady in October compared to September after a seven-month streak of increases.

The increase was driven by activity in the largest urban centres, including Calgary, Edmonton and Winnipeg.

The national average home price is once again closing in on $500,000.

The latest national home resale figures show sharply diverging trends in different parts of the country.