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OTTAWA — The Canadian Real Estate Association says the number of home sales in April was up 10.1 per cent compared to last year, but it attributed the increase primarily to the early Easter long weekend.
The increase came as the average price of a home sold last month was $703,446, down 1.8 percent from April 2023.
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The result came with Good Friday and Easter falling on March 29 and 31 of this year, compared to April 7 and 9 of last year.
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On a monthly basis, CREA says April home sales were down 1.7 percent from March, even though the number of properties available for sale rose 2.8 percent to kick off the spring market.
Slowing monthly sales amid more new listings means there was a 6.5 per cent jump in the total number of properties on the market – the second largest monthly increase on record.
The national housing market is also seeing the highest levels of inventory since before the onset of the COVID-19 pandemic, with 4.2 months of inventory at the end of April, compared to 3.9 months at the end of March.
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This spring has seen headwinds compared to the same season last year, when a wave of buyers returned to the market and new listings were at 20-year lows, says Sean Cathcart, chief economist at CREA.
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