The number of home sales nationally fell 12.6% from March to April while the home price index slid 0.6 per cent on a monthly basis
Canada’s housing market slowed for the second straight month in April, as national home sales and prices fell, marking the beginning of the end of the pandemic’s real estate boom.
Today’s slowdown is occurring as the cost of borrowing has doubled over the past year. Mortgage rates are expected to move higher with the Bank of Canada aggressively hiking interest rates to deal with runaway inflation. Realtors have described a sudden change in buyer sentiment. Some homes are not fetching any offers and sitting on the market for upwards of a month. That is in contrast to the first two years of the pandemic when homes drew dozens of bidders and sold for hundreds of thousands of dollars over the listed price.
Cailey Heaps, a realtor who has been selling homes in Toronto for more than two decades, said she is still seeing multiple offers above the listed price but said: “We are not seeing the same frenzy that was present in the early months of the year.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Housing market showing signs of slowdown, with average price falling 6% in April | CBC NewsThe average price of a Canadian home stood at $746,000 in April, down six per cent from the previous month but still higher than a year ago.
Read more »
Housing market showing signs of slowdown, with home prices falling 6% in April | CBC NewsThe average price of a Canadian home stood at $746,000 in April, down six per cent from the previous month but still higher than a year ago.
Read more »
Canada Mortgage and Housing Corp. reports annual rate of housing starts rose in AprilCanada Mortgage and Housing Corp. says the annual pace of new home construction in April rose eight per cent compared with March.
Read more »
Canada's home prices fall for first time in two yearsHome prices declined 0.6% in April from the month before, the first drop since April 2020, says the Canadian Real Estate Association.
Read more »
Housing market showing signs of slowdown, with average price falling 6% in April | CBC NewsThe average price of a Canadian home stood at $746,000 in April, down six per cent from the previous month but still higher than a year ago.
Read more »
Housing market showing signs of slowdown, with home prices falling 6% in April | CBC NewsThe average price of a Canadian home stood at $746,000 in April, down six per cent from the previous month but still higher than a year ago.
Read more »