CANADIAN HOME SALES FALL IN APRIL AS MORTGAGE RATES RISE
May 16, 2022
By Bob Komsic
Sales of homes across the country dropped 12.6% in April on a month-over-month basis.
The Canadian Real Estate Association (CREA) also reports national home prices fell 6% as higher interest rates poured cold water on the hot real estate market.
While prices are down from their recent peak, they’re still 7.4% higher than a year ago.
”Following a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” said Jill Oudil, chair of CREA.
”For buyers, this slowdown could mean more time to consider options in the market. For sellers, it could necessitate a return to more traditional marketing strategies.”