1 year since the peak of home prices, here’s where Canada’s housing market stands – National | 24CA News
Canada’s housing market confirmed indicators of life in February following a yr of cooling off, however consultants are watching the sometimes busy spring season to find out whether or not the underside of the correction has handed.
The Canadian Real Estate Association (CREA) mentioned Wednesday that whereas month-to-month residence gross sales had been down 40 per cent from the identical month a yr earlier in February, gross sales really rose 2.3 per cent from January. That was thanks largely to an uptick in exercise within the Greater Toronto and Vancouver areas, CREA mentioned.
The common nationwide sale worth was $662,437 final month, down 18.9 per cent from the all-time excessive in February 2022 — the month that almost all think about the height of the frenzied pandemic housing market in Canada.
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Without the Greater Toronto and Vancouver markets, nevertheless, the common residence worth could be roughly $135,000 much less, the company mentioned.
But there are indicators the rout on residence costs is slowing. CREA’s Home Price Index (HPI), which offers a benchmark of costs throughout Canada, reveals the combination composite worth was down 15.8 per cent from a yr in the past. The HPI combination worth was down 1.1 per cent month to month, marking about half the lower from the earlier interval and the smallest such drop since final March.
The 2023 gross sales figures for February confirmed that exercise was near the identical ranges as in 2018 and 2019, CREA mentioned.
“February’s data contained 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,” CREA chair Jill Oudil mentioned in a press release accompanying the information launch.
The variety of newly listed houses was down 7.9 per cent in February in contrast with a month earlier, CREA mentioned.
More to come back.
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