Canada March existing home sales
- Prior was +5.9%
- Sales +7.8% y/y
- New listings -12.55%
- Prices +6.89% y/y
- National average sales price +12.47% y/y
"The numbers that matter most for understanding what follows are those from mid-March on, and things didn't really start to ratchet down until week four. Preliminary data from the first week of April suggest both sales and new listings were only about half of what would be normal for that time of year," said Shaun Cathcart, CREA's senior economist.
We're likely to be looking at a much-bigger drop in April. Naturally, sellers will hold onto pricing expectations for a number of months and that's a big wildcard.
