Canada’s home prices are sinking under the pressure of rising interest rates, with the national average price falling to $746,000 in April—a 0.6 percent decrease from the average price of $796,000 in March, according to data from the Canadian Real Estate Association (CREA).
Excluding the two most active and expansive housing markets in Greater Vancouver and the Greater Toronto Area (GTA), the calculation would cut $138,000 from the national average price in April, the CREA said in a news release on May 16.
The drop in national average home price in April was the first month-over-month decline since April 2020, according to the CREA’s benchmark Home Price Index (HPI)—which provides an “apple-to-apple” comparison of home prices across the country based on the value assigned by homebuyers to different housing types….
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