Achieving housing affordability for everyone in Canada will require developers to become more productive and make full use of land holdings to build more housing, CMHC says.
Economists attribute much of the cooling to rising interest and mortgage rates.
The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month.
The Bank of Canada is gearing up to announce its next move on interest rates this Wednesday, with Bay Street forecasters expecting a 50 basis-point increase.
The average price in the nation’s capital last month was $730,300, according to the Canadian Real Estate Association, up from $630,000 in February 2021.