Home sales rose 8 % last month

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OTTAWA – The Canadian Real Estate Association says sales of existing homes rose by eight per cent last month compared to a year ago, while the national average home price soared 17 per cent.

CREA says the national average home price was $470,297 in January, fuelled largely by price gains in greater Vancouver and greater Toronto.

However, excluding the piping hot markets of Ontario and British Columbia, the average sale price actually edged lower by 0.3 per cent from a year ago to $286,911.

On a month-to-month, seasonally adjusted basis, CREA says national home sales rose 0.5 per cent in January, compared to December of last year.

Meanwhile, the number of new listings on the Multiple Listing Service declined by 4.9 per cent in January, compared to December.

CREA chief economist Gregory Klump said single-family homes remained in high demand in Toronto and Vancouver last month, while a number of Alberta markets continued to see ample supply while potential buyers sat on the sidelines.

“Tighter mortgage regulations that take effect in February may shrink the pool of prospective homebuyers who qualify for mortgage financing and cause national sales activity to ease in the months ahead,” Klump said.

New federal rules requiring Canadians to put down larger down payments on homes that cost between $500,000 and $1 million took effect Monday.

1 COMMENT

  1. This all started with high profile criminals overpaying for real estate just to wash dirty money. It snowballed from there into the mess we have today.
    Everything is overpriced by 50% and it will only get worse as long as the government allows it to continue.
    On top of the unreal real estate prices everyone is going broke over too high taxes, power, and fuel costs.
    The government has painted themselves into a corner by creating such a mess overspending and spending foolishly that it will never get better, just worse.

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