Market keeps getting worse as sales collapse

The latest REINZ data show just 4,262 houses were sold in April, down from 5,984 in March and down 15.3% compared to the same month last year.

It is the lowest number of sales since REINZ started recording sales in their current format. This excludes April 2020 when the property market was almost at a standstill because of pandemic lockdowns.

“People are waiting for the peak of inflation, a settling in interest rates and some clarity around the outcome of this year’s election,” says Jen Baird, REINZ chief executive. “This is what is keeping activity low.”

Sales are running 13.5% lower than in April 1992 when 4,929 properties were sold.