The Canadian Real Estate Association says national home sales sank to the lowest level in more than five years in April, falling by 13.9 per cent year-over-year.
Sales were down in 60 per cent of all markets, led by the Fraser Valley, Calgary, Ottawa and Montreal.
CREA says the national average sale price decreased by 11.3 per cent year-over-year last month to just over $495,000.
On a monthly basis, home sales were down 2.9 per cent from March to April.
However, the number of newly-listed homes also dropped by 4.8 per cent between March and April.
Their decline puts the number of newly-listed homes 12 per cent below the 10-year monthly average, reaching a nine-year low for the month.