The Canadian Real Estate Association (CREA) recently released national sales statistics for April of 2020.
According to the report, "Home sales recorded over Canadian MLS® Systems dropped by a record 56.8% in April 2020 compared to an already weakened March, with a majority of sellers and buyers having seemingly moved off to the sidelines during the COVID-19 lockdown."
Like so many other parts of normal daily life, a lot of buying and selling activity in housing markets across Canada has been put on pause,” said Shaun Cathcart, CREA’s Senior Economist. “That said, preliminary data for May suggest things may have already started to pick up a bit for both sales and new listings, in line with evidence that new and existing virtual technology tools have been adopted by REALTORS® and their clients. These tools have allowed quite a bit of essential business to safely continue, and will likely remain key for some time.”
Highlights of CREA's report
- National home sales fell 56.8% on a month-over-month (m-o-m) basis in April.
- The actual (not seasonally adjusted) activity was down a similar 57.6% year-over-year (y-o-y).
- The number of newly listed properties decreased 55.7% from March to April.
- The MLS® Home Price Index (HPI) edged back 0.6% m-o-m but was still up 6.4% y-o-y.
- The actual (not seasonally adjusted) national average sale price fell 1.3% y-o-y.
Read the entire report on Canadian MLS® sales for April of 2020.
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