Canadian home prices saw 1st monthly decline in two years last month
Global News
Benchmark home prices fell 0.6 per cent in April, the first monthly decline in two years.
The Canadian Real Estate Association says the pace of home sales fell in April as mortgage rates moved higher.
The association says the number of homes sold in April was down 25.7 per cent compared with April 2021 when it set a record for the month.
On a month-over-month basis, sales in April were down 12.6 per cent compared with March.
CREA chair Jill Oudil says that 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.
CREA says the number of newly listed homes was down 2.2 per cent on a month-over-month basis in April.
The actual national average home price was a little over $746,000 in April, up 7.4 per cent from the same month last year. But benchmark home prices fell 0.6 per cent in April, the first monthly decline in two years.
