After two years of record-setting activity in Canada’s housing market, with bidding wars escalating and home prices skyrocketing, something had to give.
The slowdown of recent weeks has been pronounced, if market data from the Canadian Real Estate Association (CREA) is anything to go by: home resales posted a 12.6% decline across the country between March and April, while the actual national average home price also fell (to about $746,000) for the second month in a row.
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