The number of homes sold in Canada last month hit a record as supply tightened. There were 57,669 homes sold nationwide over the Multiple Listing Service in April, a 10.3 per cent increase from the same month last year, according to the Canadian Real Estate Association .
The rise in sales came as the number of new homes put up for sale slipped 3.7 per cent from a year ago to 103,028. Compared with March, sales were up 3.1 per cent in April, while new listings declined 0.2 per cent.
The national average price for homes sold in April rose 13.1 per cent from a year ago to $508,097.
Excluding the greater Vancouver and greater Toronto markets, the average price was $369,222, up 8.7 per cent from April 2015.
The national sales-to-new listings ratio rose to 64.5 per cent in April, the ratio’s tightest reading since October 2009.