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Canada's red-hot real estate market sees a 6 per cent price decrease in April Canada
Image credit: CREA Twitter

Canada's red-hot real estate market sees a 6 per cent price decrease in April

India Blooms News Service | @indiablooms | 16 May 2022, 10:02 pm

Ottawa/IBNS: Higher interest rates reportedly caused Canadian red-hot real estate to see a 6 per cent price decrease in April to $746,000.

With the decrease of home sales by 12 per cent nationally in April, the biggest drops were seen in big cities like Toronto, the Canadian Real Estate Association said Monday.

"Following a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue," CREA chair Jill Oudil said in a statement.

February this year witnessed peak prices at a record high of more than $816,000 with declining average home prices for two months in a row.

The average price stood at $796,000 in March before falling another six per cent in April, which is typically a strong month for the housing market.

Although prices have decreased from their recent peak, they remain up by about seven per cent from where they were a year ago.

(Reporting by Asha Bajaj)