Home prices decline last Month For First Time in two years

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Canadian home prices fell six per cent to $746,000 in April, according to the Canadian Real Estate Association. 

Statistics released on Monday by the Canadian Real Estate Association (CREA) show national home sales edged up slightly in November, holding onto all of the gains made in October.

The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.

On a month-over-month basis, sales in April were down 12.6 per cent compared with March, but still ranked as the third-highest April sales figure, just behind 2021 and 2016.

Home sales recorded over Canadian MLS Systems edged up 0.6% between October and November 2021. The small increase followed on the heels of a 9% jump in activity in October.

Across the country, sales gains in Calgary, Edmonton, the B.C. interior, Regina and Saskatoon offset declines in activity in the GTA and Montreal.

The actual (not seasonally adjusted) number of transactions in November 2021 was very strong historically, edging down a scant 0.7% on a year-over-year basis, missing the 2020 record for that month by just a few hundred transactions.

On a year-to-date basis, some 630,634 residential properties have traded hands via Canadian MLS Systems between January and November 2021, far surpassing the annual record 552,423 sales for all of 2020.

 

“November provided another month of evidence that the housing supply/demand issues facing the country have not gone away,” said Cliff Stevenson, Chair of CREA. “Even at what is traditionally the slow time of year for housing, conditions and price trends are at the same record levels we saw this spring. Things may calm down a bit through the balance of December and January, but next year’s spring market will no doubt be an interesting one. If you’re thinking about jumping into the market as either a buyer or a seller or both, your local REALTOR® has the information and guidance you’ll need to navigate the market in these challenging times,” continued Stevenson.

Home SalesThe Canadian Real Estate Association