Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
“April 2023 was characterized by a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring thus far has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side.
On a not-seasonally-adjusted basis, the number of home sales ended April 2024 just over 10% the level recorded in April 2023. However, the report notes that “a significant part of that gain likely reflected the timing of the Easter long weekend.” “After a long hibernation, the spring market is now officially underway. The increase in listings is resulting in the most balanced market conditions we’ve seen at the national level since before the pandemic,” says James Mabey, who is the newly appointed Chair of CREA’s 2024-2025 Board of Directors
The not-seasonally-adjusted HPI slipped 0.9% year over year, representing the first decline since July 2023. “This mostly reflects how prices took off last April, something that has not yet been repeated in 2024,” the report explains. Canada’s residential construction industry is facing an acute shortage of skilled trades in the next decade, but Ontario has a plan – The Focused Apprenticeship Skills Training program, which will allow Grade 11 and 12 students to participate in apprenticeship learning through co-operative education credits while completing high school.
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