According to the Canadian Real Estate Association, just over 50,000 Canadian homes changed hands in April, which was a drop of 6.8 per cent when compared to the market high of December last year. Sales of existing homes in April also dropped 2.6 per cent from March of this year.
However, the number of new listings were record-breaking, as almost 100,000 new homes were listed in April.
The Toronto market is still reporting record sales, having broken the record for the month of April, with last month’s sales up 34 per cent over April of last year. Across Canada, new listings are increasing and the nation only just missed the record for April in sales by one per cent.
Nationally, the average sale price of a home increased by 12.2 per cent over April of 2009, which is a bit of a smaller increase than has been seen in the past few months.
CREA says that the hot resale housing market is just beginning to cool, especially in areas like British Columbia. However, Ontario is still at record levels for sales activity.
“Next month will mark the passage of one year since the national average price rebounded from the recessionary trough to return to the pre-recession peak, so the rise in the national average price is expected to be subdued next month,” said CREA Chief economist Gregory Klump in a press release. “The national average price could potentially be skewed higher over the next couple of months if buyers of higher-priced homes in Ontario and British Columbia move their purchase decision forward to beat the introduction of the HST in July.”