Canadian home prices continued to rise in April even as year-over-year sales fell three per cent, according to the latest industry data that has left economists divided over whether the market can count on a soft landing.
Canada's once-sizzling housing market continues to fall back to more sustainable levels, but as yet is managing to avoid the earmarks of a damaging crash that would spill over into the general economy.
U.S. home prices rose in January at the fastest annual pace since June 2006, just before the housing bubble burst. The gain shows the housing recovery is strengthening ahead of the all-important spring buying season.
The number of Canadians expecting to buy a home within two years has dropped dramatically even though overall confidence in real estate remains strong, according to an annual survey published Tuesday by Royal Bank of Canada.