The Canadian Real Estate Association says the number of homes changing hands in April fell from the previous month despite an influx of new listings hitting the market.
Home sales rose 10.1 per cent compared with a year ago, but CREA attributed the gain primarily to the early Easter long weekend. Good Friday and Easter landed on March 29 and March 31 this year compared with April 7 and 9 last year.CREA senior economist Shaun Cathcart said this spring has seen contrasting conditions compared with the same season last year.
The national housing market is also seeing the highest inventory levels since just before the onset of the COVID-19 pandemic, with 4.2 months of inventory at the end of April, compared with 3.9 months at the end of March.Jason Ralph, broker of record for Royal LePage Team Realty in Ottawa, said that while local inventory levels in his market aren't quite as high as the national figures, relatively balanced conditions are giving buyers more negotiating power.
"There are some buyers on the sidelines waiting for that positive news release with the interest rate drop, but I see more buyers out of the woodwork," said Ralph.
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