Increasing mortgage rates slowed home sales in April from the frenzied pace they started the year at, the Canadian Real Estate Association said Monday.
rates slowed home sales in April from the frenzied pace they started the year at, the Canadian Real Estate Association said Monday.
For fixed borrowers, CREA said the stress test just moved from 5.25 per cent to the low 6 per cent range, another roughly one per cent increase in a month.rates are going up and the price to is more, what is going to happen?" said Anita Springate-Renaud, a Toronto broker with Engel & Völkers. On a non-seasonally adjusted basis, new listings amounted to 91,559 last month, down 10.5 per cent from 102,294 in April 2022.
However, on a seasonally adjusted basis the national average home price slid by 3.8 per cent to $741,517 last month from $771,125 in March.
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