House prices in Canada have fallen by 10% due to the COVID-19 induced lockdown, data from the Canadian Real Estate Association shows.

The average home price in Canada is $488,203, 10% lower than the $539,724 recorded in February.

Ontario cities saw the biggest drop, with Greater Toronto seeing the average price drop by £88,898 to £821,392. Ottowa and Hamilton-Burlington also saw big declines.

Zoocasa, a real estate agent search site, responded by concluding that Canada’s property market has moved from being a sellers’ market to a balance market.

The sales-to-new-listings ratio was 58% in April, down from 62% in February. In Greater Toronto this moved from 68% in February to 48% in April.

Across British Columbia the number of homes sold from February to April roughly halved.

In Victoria and in Fraser Valley home sales declined by 48%, whereas in Greater Vancouver there were just 1,119 sales in April; 49% lower than the number of sales in February.

Home sales dropped by a record 56.8% in April 2020 compared to March.

This article has been republished from propertywire.com

Photo: Chateau Ravissant, Langley, British Columbia