(Lethbridge News Now)

By David Opinko

Canadian home sales fell to lowest level since 1984 in April

May 15, 2020 | 2:27 PM

LETHBRIDGE, AB – With many people being out of work during the COVID-19 pandemic, few are able to afford to buy a home right now.

According to a new report from the Canadian Real Estate Association (CREA), national home sales fell 56.8 per cent in April from the month before.

While no specific numbers were provided for Lethbridge, the number of transactions in Calgary was down 53.1 per cent and dropped 46.6 per cent in Edmonton.

For other major markets, sales fell by 66.2% in the Greater Toronto Area (GTA), 64.4% in Montreal, 57.9% in Greater Vancouver, 54.8% in the Fraser Valley, 42% in Winnipeg, 59.8% in Hamilton-Burlington, and 51.5% in Ottawa

Monthly home sales over a 10-year period across Canada. (Canadian Real Estate Association)

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“Never in our recent history have we dealt with such widespread effects of a pandemic that limit everyone’s day to day life and have forced all of us to pivot and adjust to our new reality,” said Costa Poulopoulos, Chair of CREA.

The number of newly-listed homes declined by 55.7 per cent in April.

CREA Senior Economist Shaun Cathcart suggests there might be a little hope on the horizon.

“Preliminary data for May suggest things may have already started to pick up a bit for both sales and new listings.”

Another key indicator of the balance between supply and demand in the real estate sector is inventory. It shows how long it would take to sell all currently-listed properties at the current rate of sales activity.

In April, there was 9.2 months of inventory on a national basis, compared to 4.3 months in March.

Cathy Maxwell with the Lethbridge and District Association of Realtors previously told LNN that this amount of inventory would mean there is a buyers’ market right now.

The national average home price fell 1.3 per cent in April to $488,000, although that number is skewed by more expensive markets like Vancouver and Toronto.