Increasing mortgage rates slowed home sales in April from the frenzied pace they started the year at, theThe association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.On a month-over-month basis, sales in April were down 12.6 per cent compared with March, but still ranked as the third-highest April sales figure, just behind 2021 and 2016.
For fixed borrowers, CREA said the stress test just moved from 5.25 per cent to the low 6 per cent range, another roughly one per cent increase in a month. Many other realtors have found buyers and sellers holding off on purchasing or listing properties until they see how much of an effect mortgage and interest rate changes have on the market.
The national average home price was a little over $746,000 in April, up 7.4 per cent from about $695,000 during the same month last year. The benchmark price was lowest in Saskatchewan, where it totalled $271,100 and highest in B.C.'s Lower Mainland, where it amounted to more than $1.3 million.
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Canada Mortgage and Housing Corp. reports annual rate of housing starts rose in AprilCanada Mortgage and Housing Corp. says the annual pace of new home construction in April rose eight per cent compared with March. It is 'STATS' not 'STARTS' Educate your staff! Shortly ppl will see as home inventory rises quickly across 🇨🇦 that the low supply argument was BS from the start, just like Bitcoin was supposed to be an inflation hedge LOL look at home listings growth from Jan 2023 - may 2023 Actually it is Game of Builders new construction is not reducing price of house but people who bought long back did so many upgrades paid all those years property tax, they are getting less price there houses why? Just terminate,new house also will pay 5% interest rate
Source: CP24 - 🏆 30. / 67 Read more »
Canada Mortgage and Housing Corp. reports annual rate of housing starts rose in AprilCanada Mortgage and Housing Corp. says the annual pace of new home construction in April rose eight per cent compared with March. It is 'STATS' not 'STARTS' Educate your staff! Shortly ppl will see as home inventory rises quickly across 🇨🇦 that the low supply argument was BS from the start, just like Bitcoin was supposed to be an inflation hedge LOL look at home listings growth from Jan 2023 - may 2023 Actually it is Game of Builders new construction is not reducing price of house but people who bought long back did so many upgrades paid all those years property tax, they are getting less price there houses why? Just terminate,new house also will pay 5% interest rate
Source: CP24 - 🏆 30. / 67 Read more »