Canadian Home Sales Are Showing Signs of Recovery
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Taken from Canadian Real Estate Association – February 14, 2024 News Release “National Statistics”
Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, according to the latest data from the Canadian Real Estate Association (CREA).
Home sales activity recorded over Canadian MLS® Systems rose 3.7% between December 2023 and January 2024, building on the 7.9% month-over-month increase recorded the month prior. While activity is now back on par with 2023’s relatively stronger months recorded over the spring and summer, it begins 2024 about 9% below the 10-year average.
Canadian Home Sales
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“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower. Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years”
Shaun Cathcart, CREA Senior Economist
Listings to Sales
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Signs of Recovery:
- National home sales were up 3.7% month-over-month in January.
- Actual (not seasonally adjusted) monthly activity came in 22% above January 2023.
- The number of newly listed properties edged up 1.5% month-over-month.
- The MLS® Home Price Index (HPI) fell by 1.2% month-over-month but was still up 0.4% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 7.6% year-over-year increase in January.
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“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there. There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023, so if you’re hoping to buy or sell a property in 2024, contact a REALTOR® in your area and get your game plan ready today”
Larry Cerqua, Chair of CREA
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