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Canadian housing market rebounds in April with supply at 20-year low

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Since the Bank of Canada put its interest rate hiking plan on pause in January, prospective homebuyers have been racing back into the market

At the same time, homeowners have remained reluctant to put their properties up for sale in part because of concern that they will not find another place to buy and because they have been hoping that peak prices will return. As a result, the number of new listings was at a two-decade low last month, according to CREA.

“The market has definitely picked up,” said Krishan Nathan, a real estate broker in Kingston, where the home price index increased by a record 5.7 per cent from March to April. Mr. Nathan said the pool of buyers includes military personnel, Torontonians looking for more affordable properties and retirees downsizing.

“It’s incredible how fast it has rebounded,” said Lori VanDinther, who has sold homes in the Hamilton-Burlington area for three decades. Ms. VanDinther said that some of today’s buyers are those who were waiting for the Bank of Canada to stop raising interest rates, but there is also a new group that are trying to move into bigger properties.

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