April home sales drop to 7-year monthly low as mortgage rules continue to drag

TORONTO — April home sales dropped to a seven-year low for the month, the kick-off to the busy spring real estate season, as both sales and prices saw double-digit annual declines, the Canadian Real Estate Association reported Tuesday.
Sales sank 13.9 per cent year-over-year and the national average sale price dropped by 11.3 per cent year-over-year to just over $495,000. But excluding large declines in the pricey Vancouver and Toronto markets, the national average price was down 4.1 per c