April's average price tumbled 7.8 per cent to $1,153,269, but was roughly four per cent higher than the $1,108,499 the average buyer paid in March.
Pushing these buyers to the sidelines were eight consecutive interest rate hikes, which took a bite out of their borrowing power, even as prices started to tumble. "We had 25 offers at offer time and this was for a house that was a fixer upper. It was not even move-in ready, so the demand out there for homes is huge."
"There’s a perception that prices still have further to recover, while others are likely reluctant to become buyers in today’s market environment, given higher mortgage rates, and tight inventory," she said in a statement.Prices still remain down from last year's levels. "I think some of the people who are sitting on the sidelines keep thinking, 'I'm just still waiting for the bottom of the market to happen,' but of course, the bottom of the market seems to have passed them by because things are going back up again," said Morrison.
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