Canadian Home Sales Fall in April

• National home sales fell 2.9% from March to April
• Actual (not seasonally adjusted) activty was down 13.9% from April 2017
• The number of newly listed homes declined 4.8% from March to April
• The MLS Home Price Index (HPI) in April was up 1.5% year-over-year (y-o-y)
• The national average sale price declined by 11.3% y-o-y in April

"The stress-test that came into effect this year for homebuyers with more than a twenty percent down payment continued to cast its shadow over sales activity in April," said CREA President Barb Sukkau. "Its impact on housing markets varies by region," she added. "A professional Realtor is your best source for information and guidance in negotiations to purchase or sell a home during these changing times," said Sukkau.
 
"This year's new stress test has lowered sales activity and destabilized market balance for housing markets in Alberta, Saskatchewan, and Newfoundland and Labrador Provinces," said Gregory Klump, CREA's Chief Economist. "This is exactly the type of collateral damage that CREA warned the government about. As provinces whose economic prospects have faced difficulties because they are closely tied to those of natural resources, it is puzzling that the government would describe the effect of its new policy as intended consequences."
 
If you have any questions, or concerns, about today's market, contact me today!
 
Mike Mossuto
 Sales Representative
 Keller Williams Complete Realty