The Canadian Real Estate Association (CREA) recently released national sales statistics for January 2023.
"Home sales recorded over Canadian MLS® Systems edged back down 3% between December 2022 and January 2023, giving back all of December’s small gains and rejoining the mild downward trend observed since last summer.
"The actual (not seasonally adjusted) number of transactions in January 2023 came in 37.1% below the second-best January ever in 2022. The January 2023 sales figure was the lowest for that month since 2009.
“Early 2023 feels a lot like 2019, where after a year in which it became much harder to qualify for a mortgage, everyone was wondering if the market would pick up in the spring,” said Shaun Cathcart, CREA’s Senior Economist. “In 2019 the market started off slow, as there wasn’t much to buy. It took off once spring listings started to come out. With the Bank of Canada increasingly signaling that rates are now at the top, it’s possible the spring market this year could also surprise, particularly in areas where prices have been stable or are now stabilizing. Buyers are likely feeling increasingly confident in taking on variable rate mortgages, and 2023 will probably be a good window of opportunity to be able to engage in a calmer home search and buying experience following the intense market conditions of the last few years.”
Highlights:
• National home sales declined 3% month-over-month in January.
• Actual (not seasonally adjusted) monthly activity came in 37.1% below January 2022.
• The number of newly listed properties rose 3.3% month-over-month.
• The MLS® Home Price Index (HPI) declined by 1.9% month-over-month and was down 12.6% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted an 18.3% decline year-over-year in January.
Read the recently released national sales statistics for January of 2023.
Read also CREA's Housing Market Forecast for 2023.
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Norm Fisher
Royal LePage Vidorra