Housing market slowed down in April, but average price still rising at record pace
Canada’s red-hot housing market showed small signs of cooling down in April, even as the average selling price is up by nearly half from the lows it hit in the early days of the pandemic.
The Canadian Real Estate Association said Monday the number of homes sold in April fell by 12.5 per cent compared to the previous month’s level, which was the busiest month ever for Realtors.
The group that represents Canadian Realtors says sales were down in 85 per cent of all markets across the country, including just about everywhere in Ontario and British Columbia.
“While housing markets across Canada remain very active, there is growing evidence that some of the extreme imbalances of the last year are beginning to unwind, which is what everyone wants to see happen,” CREA chair Cliff Stevenson said.
Real estate has been on fire for the past year as the COVID-19 pandemic has pushed…