Home sales in Canada fell in March, while the pace of price growth eased, potentially signalling the start of a slowdown as interest rates trend higher.
Home sales were down 16.3% compared to last year’s record high, falling to 55,000 units, according to data from the Canadian Real Estate Association (CREA).
Meanwhile, the average home price came in at $796,068, down 1.5% from February, while year-over-year price growth eased to 11.2%, down from the annualized 20.6% rise seen in February.
“While the market remains historically very active, March definitely saw a slowdown compared to February in terms of both activity and price growth,” said Jill Oudil, Chair of CREA. “One month does not make a trend, so we’ll have to wait and see if this is the beginning of the long-awaited cooling off of this market.”