Canada’s home sales fell a record 56.8 per cent in April compared to an already weak March, the Canadian Real Estate Association (CREA) said on Friday.

Compared to a year earlier, April home sales were down 57.6 per cent, posting the lowest volume of transactions for the month since 1984.

However, inventory levels jumped to 9.2 months in April compared with 4.3 months in March as older listings stayed active while sales fell.

“Note that the months’ supply peaked at 9.7 during the financial crisis in late-2008, and these levels ordinarily suggest some pullback in prices,” BMO economist Robert Kavcic said in a note to clients.

But, he added, “when the market has effectively frozen, these metrics become a bit less reliable.”

— With files from the Canadian Press

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