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Canada's home prices fall for first time in two years

Calgary Herald: 'Home prices across Canada appear to be slipping under the weight of rising interest rates, with the nationwide average home price falling to $746,000 in April, down 6.3 per cent from March’s average of $796,000, according to data from the Canadian Real Estate Association.

'The organization’s benchmark home price index — a metric designed to create an “apples-to-apples” comparison of typical home sales over time — also posted a decline of 0.6 per cent month-over-month, the first such decline since April 2020, CREA noted.

'Sales volumes dropped precipitously as well, falling 12.6 per cent month-over-month and 25.7 per cent since a record April last year. While the decline was largely led by the Greater Toronto Area market, sales fell across 80 per cent of local markets.'

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