According to recent data, home sales in Canada have seen a significant increase of 10% in April compared to the same time last year. However, there has been a noticeable slowdown in monthly sales.
The Canadian Real Estate Association (CREA) reported that a total of 76,492 homes were sold in April, which is a 10% increase from April 2020. This marks the highest level of home sales for the month of April in history.
Despite this overall increase, there has been a noticeable slowdown in monthly sales. In fact, April saw a 12.5% decrease in sales compared to March of this year. This decline is likely due to the recent surge in COVID-19 cases and the resulting lockdown measures in many parts of the country.
The average price of a home in Canada also saw a significant increase of 41.9% in April compared to the same time last year. This brings the national average home price to $696,000.
The CREA attributes this increase in home prices to the high demand for larger, more spacious homes as people continue to work and study from home due to the pandemic. Additionally, low mortgage rates and a shortage of available homes on the market have also contributed to the rise in prices.
Despite the monthly slowdown, the CREA remains optimistic about the future of the Canadian housing market. They predict that as the country continues to recover from the pandemic and vaccination rates increase, the housing market will see a rebound in monthly sales.
In conclusion, while there has been a noticeable slowdown in monthly home sales, the overall increase in home sales and prices in April compared to last year is a positive sign for the Canadian housing market.
