The Canadian Real Estate Association (CREA) recently released national sales statistics for March of 2020.
According to the report, "Home sales recorded over Canadian MLS® Systems dropped by 14.3% in March 2020 compared to February, as the economic turmoil and physical distancing rules surrounding the COVID-19 pandemic caused both buyers and sellers to increasingly retreat to the sidelines over the second half of the month."
“March 2020 will be remembered around the planet for a long time. Canadian home sales and listings were increasing heading into what was expected to be a busy spring for Canadian REALTORS®,” said Jason Stephen, president of CREA. “After Friday the 13th, everything went sideways. REALTORS® are complying with government directives and advice, all the while adopting virtual technologies allowing them to continue showing properties to clients already in the market, and completing all necessary documents. They remain your best source for information and guidance when negotiating the sale or purchase of a home in these unprecedented times,” continued Stephen.
Highlights of CREA's report
- National home sales fell 14.3% on a month-over-month (m-o-m) basis in March.
- The actual (not seasonally adjusted) activity was up 7.8% year-over-year (y-o-y).
- The number of newly listed properties dropped 12.5% m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 6.9% y-o-y.
- The actual (not seasonally adjusted) national average sale price climbed 12.5% y-o-y.
Read the entire report on Canadian MLS® sales for March of 2020.
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