Canadian home sales drop 40 per cent in February compared with year ago
The year-over-year drop in home sales in February came as the national average sale price posted an 18.9 per cent decline compared with the all-time record in February 2022.Compared with January, CREA says national home sales rose 2.3 per cent in February, powered by gains in Toronto and Vancouver home sales.Jill Oudil, chair of the real estate association, says February’s data suggests the potential of a more robust market to come.
“But to repeat the bottom line from last month, we won’t know what the 2023 market has in store until the spring,” she said in a statement. “While we’re not seeing it in the sales or listings data just yet, I would expect homeowners are getting properties ready for the market and prospective buyers are getting mortgage pre-approvals.”
Shaun Cathcart, the association’s senior economist, said similarities between 2023 and 2019 continued to emerge in February, with sales up, the market tightening, and month-over-month price declines getting smaller.
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