The Canadian Real Estate Association (CREA) recently released national sales statistics for February 2024.
Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA).
The fact that prices were unchanged from January to February was noteworthy given they had dropped 1.3% from December to January. Considering how stable the seasonally adjusted MLS® HPI tends to be, shifts this abrupt are exceedingly rare.“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,” said Larry Cerqua, Chair of CREA. “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,” continued Cerqua.
“It’s looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes,” said Shaun Cathcart, CREA’s Senior Economist. “With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”
Highlights of this report:
National home sales dipped 3.1% month-over-month in February.
Actual (not seasonally adjusted) monthly activity came in 19.7% above February 2023.
The number of newly listed properties edged up 1.6% month-over-month.
The MLS® Home Price Index (HPI) was flat month-over-month and was up 0.8% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 3.5% year-over-year increase in February.
Read the recently released national sales statistics for February of 2024.
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