Sales in April fell 26% in Toronto from March, 22% in Calgary and 17% in Vancouver.
Toronto prices dropped 6.4% in April on a seasonally-adjusted basis from the month before, the worst drop since April 2020, when the pandemic basically froze the market.
Another important indicator is sales-to-new-listings ratios which declined in Toronto, Vancouver and Montreal as fewer Canadians listed their homes, and those who did, saw them sitting on the market longer, said Freestone.
Stephen Harper’s government announced in the 2012 federal budget that it was taking the coin out of circulation after a finance committee study determined it was too expensive to produce and no longer necessary.
A decade later, as policymakers talk openly about the possibility of all physical money going the way of the copper coin, the lessons from the demise of the penny could help smooth the transition.
There’s nothing in the data to discourage the Bank of Canada from hiking another 50 basis points in June, say economists, with some arguing that it actually strengthens the case.
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