AVERAGE HOME PRICE DROPS 10%

    Canada’s average home price fell to $491,000 in March, down 10.4 per cent from the same month a year ago, the Canadian Real Estate Association (CREA) said on Friday.
   The drop largely reflects a dramatic market cool-off since last spring in Toronto and the surrounding Greater Golden Horseshoe region. Excluding Toronto and Vancouver, the average home priced slipped to $383,000 a dip of 2 per cent since March of 2017, CREA said.
    “Recent changes to mortgage regulations are fueling demand for lower-priced homes while shrinking the pool of qualified buyers for higher-priced homes,” said Gregory Klump, CREA’s chief economist. “As a result, ‘affordably priced’ homes are becoming less affordable while mortgage financing for higher priced homes remains out of reach of many aspiring move-up homebuyers.”