Canadian Real Estate Sales SLUMP in April, Prices Down: CREA – Leverage switches to Home Buyers

Real Estate
#CanadianRealEstate #CanadaRealEstate #BuyersMarket

Canadian Real Estate prices fell and sales slumped in April, according a monthly report compiled by the the Canadian Real Estate Association. The CREA report shows that sales and pricing were down from March, with the worst price drops since summer of 2020.

While the Toronto real estate market fell the most, sales and pricing were down almost everywhere as increased interest rates switched leverage over to that of home buyers.

Toronto real estate brokers reported more accepted offers with conditions of financing, home inspections, appraisals, etc, as we’re seeing more and more properties sit on the market.

LINKS:

See the Full CREA Report – Home sales drop in April as mortgage rates shoot higher:

https://creastats.crea.ca/en-CA/

CREA reports home sales down in April as mortgage rates rise:

https://ottawa.citynews.ca/national-business/crea-reports-home-sales-down-in-april-as-mortgage-rates-rise-5371698

April 2022 home sales down 41% from last year, dropped 27% since March: TRREB:

April 2022 home sales down 41% from last year, dropped 27% since March: TRREB

Greater Vancouver home sales down in April: board:

Greater Vancouver home sales down in April: board

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Montreal home sales down 17% in April:

Quebec brokers association: https://globalnews.ca/news/8809348/montreal-home-sales-down-17-in-april-2022/

Bidding war no more: How to make an offer in Canada’s cooling housing market:

Bidding war no more: How to make an offer in Canada’s cooling housing market

Canadian home prices fall 6% in April, down for 2nd month in a row:

https://www.cbc.ca/news/business/housing-prices-april-1.6454728

Canada’s hot housing streak cools as prices, sales fall in March:

https://financialpost.com/real-estate/canadas-hot-housing-streak-cool-down-prices-sales-fall-march

Cooling real estate market gives some leverage back to homebuyers:

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-cooling-housing-market-gives-some-leverage-back-to-homebuyers/

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