The anticipated spring rebound for Canada’s housing market is hitting a significant speed bump. According to the latest data from the Canadian Real Estate Association (CREA), home sales in April dipped four per cent compared to the same period last year, totaling 42,927 transactions. Despite the cooling sales volume, the national average home price climbed 2.2 per cent year-over-year to $695,412.
For those watching the Greater Toronto Area, this trend highlights a complex tug-of-war. While new listings rose 4.1 per cent month-over-month, signalling a traditional spring influx of inventory, persistent global economic uncertainty and elevated mortgage rates are keeping buyers on the sidelines. CREA’s senior economist, Shaun Cathcart, notes that while the expected market surge remains muted, the data suggests some underlying upward momentum persists. For a deeper look at how these national shifts are impacting local neighbourhoods, read the full report at BNN Bloomberg.
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