Canadian Home Sales Improve Slightly in March

• National homes sales inched up 1.3% from February to March
• Actual (not seasonally adjusted) activity was down by 22.7% from last year's all-time March record
• The number of newly listed homes rose 3.3% from February to March
• The MLS Home Price Index in March was up 4.6% year-over-year (y-o-y)
• The national average sale price declined by 10.4% y-o-y in March

"Government policy changes have made home buyers and sellers increasingly uncertain about the outlook for home prices," said CREA President Andrew Peck. "The extent to which these changes have impacted housing market sentiment varies by region," he added.
 
"Recent changes to mortgage regulations are fueling demand for lower priced homes while shrinking the pool of qualified buyers for higher-priced homes," said Gregory Klump, CREA's Chief Economist. "Given their limited supply, the shift of demand into lower price segments is causing those sale prices to climb. As a result, 'affordable priced' homes are becoming less affordable while mortgage financing for higher priced homes remains out of reach of many aspiring move-up homebuyers."

If you have questions, or concerns, about today's market, feel free to contact me today!
 
Mike Mossuto
 Real Estate Advisor
 Keller Williams Complete Realty