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

Average Sentiment: Highly Positive (3.62)
Category: Economy

While the drop in home sales was in line with economists’ forecasts of a 15 per cent decline, home prices dived far lower than the consensus expectation of a seven per cent decrease.

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

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