Home sales in the country fall 40% from February 2022
In February, the home price index fell 1.1% month-over-month and 15.8% year-over-year in the whole country.
The start of 2023 is chilly, to say the least, when it comes to real estate in the country. Sales of residential properties in Canada fell 40% in February compared to the same period last year. This is revealed by data from the Canadian Real Estate Association (CREA).
The strongest growth in residential sales was recorded in the regions metropolitan areas of Toronto and Vancouver.
Sales figures in February 2023 were similar to those for the same month in 2018 and 2019.
Last month, the number of new listings fell 7.9% from January. Double-digit declines were seen in several major markets, including Ontario.
In February, the home price index fell 1.1% from x27;month-over-month and 15.8% year-over-year nationwide.
Most parts of Ontario and some parts of British Columbia saw prices fall more sharply than the national average. In the Maritimes, prices began to stabilize over the past fall.
The average real price of properties sold in Canada was $662,437 in February 2023, a decrease of 18.9% compared to February 2022.
This figure increased by $50,000 from January 2023, due to sales increases in Greater Toronto and Greater Vancouver. These two regions are among the most expensive and active real estate markets in Canada.
In Quebec, the average price of a property was 460,110 $ in February compared to $485,905 for the same period in 2022, a decline of 5.3%.
According to Jill Oudil, president of the Canadian Association of real estate, it is impossible to predict before the spring what the market will hold in 2023.
In light of the February figures, a parallel continues to hold between 2023 and 2019, a year of recovery: sales are increasing, the market is tightening and month-to-month price declines are easing, explains CREA's Senior Economist Shaun Cathcart.
CREA believes that prospective sellers-owners, many of whom will also be buyers, are likely waiting for the opportune moment to put their property up for sale and buy another one and that for most it will be spring.
Will buyers be in a hurry, in 2023, to acquire properties when will they finally be on the market? That's what they did in 2019 , notes Mr. Cathcart.
To curb inflation, the Bank of Canada raised its key rate eight times in 2022 and at the start of the year. Last week, the central bank announced that it was keeping it at 4.5%.
With information from La Presse canadienne