Canada’s Home Sales Fall From Record as Covid Lockdowns Bite

Canadian home sales fell from a record in April as a resurgence of Covid-19 cases and lockdown measures slowed the country’s red hot housing market.

National home sales fell 12.5% from the previous month, as new listings also declined 5.4%, according to a report Monday from the Canadian Real Estate Association. Despite the decline in activity, benchmark home prices still rose 2.4% in April and are up 23% from a year ago. Home sales are also up 256% from a year ago, when the market froze at the start of the pandemic.

Canadian housing has climbed to records over the past year as record low interest rates and demand for bigger living arrangements drove more people into the market. In April, though, much of the country was contending with a vicious new wave of novel coronavirus infections that forced large parts of the country to impose new restrictions on activity.

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