Home Business Canadian home sales tumble to 7-year low in April, prices down 11...

Canadian home sales tumble to 7-year low in April, prices down 11 per cent

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The number of homes sold in Canada dropped by 14 per cent in April compared to the same period in 2017, touching a seven-year low for the month, the Canadian Real Estate Association said on Tuesday. The national average sale price tumbled by 11.3 per cent year-over-year to just over $495,000.

Sales were down in 60 per cent of all markets, led by the Fraser Valley, Calgary, Ottawa and Montreal.

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On a monthly basis, home sales were down 2.9 per cent from March to April. However, the number of newly-listed homes also dropped by 4.8 per cent between March and April. Their decline puts the number of newly-listed homes 12 per cent below the 10-year monthly average, reaching a nine-year low for the month.

More coming.

With files from the Canadian Press

© 2018 Global News, a division of Corus Entertainment Inc.

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