18 Mar February home sales dipped 3.1% while prices stayed flat, CREA says
February home sales dipped to 3.1 per cent while home prices stayed flat from the previous month, according to the Canadian Real Estate Association.
Compared to home sales in January, which were up 3.7 per cent
February home sales dipped 3.1 per cent while home prices stayed flat from the previous month, according to the Canadian Real Estate Association (CREA).
There have generally been higher levels of activity in the last three months then there were during the same period last year, according to CREA’s report. Home sales in January, for example, jumped 22 per cent year over year.
The number of newly listed properties rose 1.6 per cent month-to-month in February, with the national sales-to-listings ratio easing to 55.6 per cent.
“It’s looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes,” said Shaun Cathcart, CREA’s senior economist.
“With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”
More to come.
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