The Canadian housing market hasn’t seen a home sales situation like this since the summer of 2020.
National home sales dropped by 12.6% between March and April and actual (not seasonally adjusted) sales activity was down 25.7% from the record highs we saw in April 2021, according to the Canadian Real Estate Association (CREA).
Sales were down in 80% of Canadian markets in April 2022, save for Montreal, Halifax-Dartmouth and Victoria, B.C.
Why are home sales down?
“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…
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