Ottawa – Canadian home sales dipped in April 2024 when compared to March, even as the number of properties available for sale rose to kick off the spring market.
At the same time, the number of newly listed homes rose by 2.8% on a month-over-month basis. Slower sales amid more new listings resulted in a 6.5% jump in the overall number of properties on the market, reaching its highest level since just before the onset of the COVID-19 pandemic.
The actual (not seasonally adjusted) number of transactions came in 10.1% above April 2023; however, a significant part of that gain likely reflected the timing of the Easter long weekend.
“After a long hibernation, the spring market is now officially underway. The increase in listings is resulting in the most balanced market conditions we’ve seen at the national level since before the pandemic,” said James Mabey, newly appointed Chair of CREA’s 2024-2025 Board of Directors. “Mortgage rates are still high, and it remains difficult for a lot of people to break into the market but, for those who can, it’s the first spring market in some time where they can shop around, take their time and exercise some bargaining power.“
The actual national average home price was $703,446 in April 2024, down 1.8% from April 2023.