The Canadian Real Estate Association (CREA) recently released national sales statistics for April of 2022.
“Home sales recorded over Canadian MLS® Systems dropped by 12.6% between March and April 2022. The decline placed monthly activity at the lowest level since the summer of 2020."
“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. Of course, there are significant regional differences, so your best bet is to contact your local REALTOR®."
Highlights of CREA's report•
• National home sales dropped by 12.6% on a month-over-month basis in April.
• Actual (not seasonally adjusted) monthly activity came in 25.7% below the monthly record set in 2021.
• The number of newly listed properties was down 2.2% month-over-month.
• The MLS® Home Price Index (HPI) edged down 0.6% month-over-month but was still up 23.8% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 7.4% year-over-year gain in April.
Read the recently released national sales statistics for April of 2022.
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Norm Fisher
Royal LePage Vidorra
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