Laura has covered real estate in Toronto, New York City, Miami, and Los Angeles. Before coming to STOREYS as a staff writer, she worked as the Toronto Urbanized Editor for Daily Hive.
“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.After five consecutive months of declines, Canada's home prices saw their first month of no change in February, according to a new report from the Canadian Real Estate Association ..
Of course, the direction of prices varied when looking on a local level. In BC's Fraser Valley and Victoria, prices were down 0.9% month over month, while Vancouver saw prices tick down slightly, by 0.5%. Ontario's Niagara Region saw prices fall by 1.7% month over month while in Ottawa they slipped by 1.1%.
These price changes came as sales trended downwards once again on a national scale, falling 2.7% month over month across 26 national real estate boards. The biggest drop was seen in the Greater Toronto Area where sales plummeted by 11.9%, followed closely by the Kitchener-Waterloo region and the Fraser Valley . Greater Vancouver saw sales drop by a substantial 7.5%.
“After two years of mostly quiet resale housing activity there’s a feeling that things are about to pick up,” Cerqua said. “At this point, it’s hard to know whether buyers are going to wait for a signal from the Bank of Canada or whether they're just waiting for the spring listings to hit the market."
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