The Canadian Real Estate Association (CREA) recently released national sales statistics for January of 2020.
According to the report, "Home sales recorded over Canadian MLS® Systems declined by 2.9% in January 2020, although they remain among the stronger monthly readings of the last few years."
Transactions were down in a little over half of all local markets in January, with the national result most impacted by a slowdown of more than 18% in the Lower Mainland of British Columbia. While there were few notable gains in January, it should be noted that many of the weaker results have come alongside a shortage of new supply in markets where inventories are already very tight."
Actual (not seasonally adjusted) sales activity was still up 11.5% compared to January 2019, marking the best sales figures for the month in 12 years. Transactions surpassed year-ago levels in about two-thirds of all local markets, including most of the largest urban markets. As mentioned, some of the larger markets where sales were down, such as Ottawa and Windsor-Essex, are currently among some of the tightest supplied markets in Canada."
Highlights of CREA's report
- National home sales fell by 2.9% on a month-over-month (m-o-m) basis in January.
- The actual (not seasonally adjusted) activity was up 11.5% year-over-year (y-o-y).
- The number of newly listed properties was little changed (+0.2%) m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 4.7% y-o-y.
- The actual (not seasonally adjusted) national average sale price climbed 11.2% y-o-y.
Read the entire report on Canadian MLS® sales for January 2020.
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