CREA’s latest statistics, released today, show decreasing national home sales and prices between March and April.
- Canadian home sales decreased by 2.9% from March to April.
- Actual (not seasonally adjusted) activity decreased 13.9% year over year.
- 4.8% fewer homes were listed for sale between March and April.
- The MLS® Home Price Index (HPI) in April increased 1.5% compared to April 2017.
- The national average sale price declined by 11.3% y-o-y in April.
In April home sales fell by 2.9% to their lowest level in the past 5 years. The decrease was led by Fraser Valley, Calgary, Ottawa and Montreal.
When compared to April of last year, actual (not seasonally adjusted) activity was down 13.9% .
Decreases in sales can be partially attributed to this year’s stress test, which destabilized market balance in Alberta, Saskatchewan and Newfoundland and Labrador Provinces.
Newly listed homes also fell by 4.8% in April, causing the sales-to-new listings ratio to rise to 53.7% compared to 52.6% in March. This points to a balanced national housing market.
60% of all local markets were in balanced market territory (40%-60%) in April 2018.
“Months of inventory,” which represents how long it would take to liquidate current inventory, is another measure of market conditions. The Canadian real estate market held 5.6 months of inventory on a national basis at the end of April 2018.
The Aggregate Composite MLS® Home Price Index (MLS® HPI) increased by 1.5% year over year in April 2018, marking a full year of deceleration.
Apartment units (condos) posted the largest year over year gains (+14.7%) in April.
Townhouses and row units saw the second highest gain at 6.5%.
One storey and two storey single family homes dropped by -1.1% and -4.8% respectively.
In Montreal, benchmark homes rose by 7.3% for two storey single family homes.
The actual national average price (not seasonally adjusted) for homes sold in April 2018 was just over $495,000, a 11.3% decrease y-o-y.
The national average price is skewed heavily by statistics in the GVA and GTA. Excluding those two markets from the calculations would drop the national average by $109,000, to just under $386,100. This would make the year over year decline to 4.1%.
This article, Canadian Home Sales and Average Prices Fall in April: CREA, appeared first on Shupilov News.