Canadian Real Estate Market Surges 10.1% in April
The average selling price for homes in April stood at $703,446, marking a modest decline of 1.8% from April 2023.
In April, the Canadian Real Estate Association (CREA) reported a notable uptick of 10.1% in home sales compared to the same period last year, with the early Easter long weekend being identified as the primary catalyst behind this surge.
The average selling price for homes in April stood at $703,446, marking a modest decline of 1.8% from April 2023. This increase coincided with Good Friday and Easter, which fell on March 29 and March 31 respectively this year, contrasting with the dates of April 7 and 9 last year.
Despite a marginal 1.7% dip in home sales on a month-over-month basis, CREA observed a promising 2.8% rise in available properties, signaling a robust start to the spring market. This influx of new listings contributed to a substantial 6.5% increase in the overall inventory of properties, marking the second largest month-over-month surge on record.
The national housing landscape also witnessed a surge in inventory levels, reaching their highest point since the prelude to the COVID-19 pandemic, with April closing at 4.2 months of inventory compared to March’s 3.9 months.
Shaun Cathcart, Senior Economist at CREA, underscored the contrasting conditions of this spring compared to the preceding year, noting a resurgence of buyers and a scarcity of new listings that characterized the market in 2023.
In summary, while April showcased a noteworthy increase in home sales bolstered by the early Easter weekend, the Canadian real estate sector continues to navigate dynamic market conditions amidst evolving buyer behaviors and inventory levels.