The Globe and Mail reports in its Tuesday edition that Canadian home sales fell slightly in April from March's record-breaking flurry of activity, but still accounted for the second-highest month of sales ever.
The Globe's Shane Dingman writes that the average selling price of those homes also continued to rise, though at a slower pace. The April home price index is up 2.4 per cent from March, with the seasonally adjusted national average home price hitting $723,500; that is 23 per cent higher than April, 2020, and 56.7 per cent higher than five years ago. But it is lower than the 3-per-cent rise recorded in March, and lower still than February's 3.3-per-cent rise.
"Remember that prices this time last year were not depressed, so this is true strength," said BMO economist Robert Kavcic in a note. "Over the past six months, prices are up 29 per cent annualized; and over the past three months they're up 37 per cent annualized. And, those are national figures that mask the fact that some markets (especially cottage country) are up more than 70 per cent annualized over the past three months."
The unadjusted average sale price was $696,000, up more than 40 per cent year-over-year, but down from $716,828 in March.
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