April Market Snapshot: Year-Over-Year Comparisons Don’t Tell the Full Story
Friday May 28th, 2021
Home sales across Canada skyrocketed a whopping 256% in April 2021 compared to the same time last year.
This number may seem shocking, but it’s important to keep in mind how unusual this past year has been. When comparing on a year-over-year basis, April 2020 was one of the lowest points for home sales ever published. Meanwhile, the month-over-month relationship is to the strongest number ever published in March 2021.
While numbers are still currently high, they seem to be more “reasonable” under the circumstances and may even hint markets are inching closer to a balance.
Shaun Cathcart, Director and Senior Economist, Housing Data and Market Analysis at the Canadian Real Estate Association, draws inspiration from the rocket cars racing to break land speed records on the Bonneville Salt Flats, while, “we may still be going 600 mph, last month we were going 620 mph.”
Watch our Director and Senior Economist break down April’s numbers.
As always, we will keep you posted on the pulse of the market. Check back next month to see May’s snapshot with the most up-to-date insights!
Remember, contact a REALTOR® for detailed information about your neighbourhood and its price trends.