Home sales topped 550,000 in 2020, but could rise to 602,300 in 2021 before falling back to 547,100 in 2022 and 561,100 in 2023, CMHC noted.
“Economic conditions are expected to return to pre-pandemic levels by the end of 2023, if broad immunity to COVID-19 takes hold by the end of 2021,” said Bob Dugan, CMHC’s chief economist.
There were 13,663 home sales in the Greater Toronto Area in April, a 362% increase from last year’s pandemic-induced drop-off in activity, but a 13% drop compared to March.
“It makes sense that we had a pullback in market activity compared to March,” said TRREB President Lisa Patel.
It was a similar story in Greater Vancouver, which saw 4,908 home sales in April, up 342% year-over-year, but down 14% from March.
Montreal’s real estate market saw a similar trend, with its 6,237 home sales representing a 231% annual increase, but a 1.7% decline from March.