The Canadian Real Estate Association says February home sales jumped 19.7 per cent compared with a year ago in what could mark the “last relatively uneventful month of the year.”
The association said Monday the increase in part reflected weakness last year, as the result for February 2023 was one of the lowest for the month in the past two decades. It said current activity has also climbed back to only around five per cent below the 10-year average.
“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,” CREA senior economist Shaun Cathcart said in a news release. “Personally, my clients are getting pre-approval. Some of them are shopping and some of them are in the earlier stages,” she said.
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