The Canadian Real Estate Association (CREA) recently released national sales statistics for February of 2021.
According to the report, "Home sales recorded over Canadian MLS® Systems climbed 6.6% between January and February 2021 to set another new all-time record."
"Seasonally adjusted activity was running at an annualized pace of 783,636 units in February. CREA’s revised forecast for 2021 is in the neighbourhood of 700,000 home sales. Strong demand notwithstanding, sales may be hard-pressed to maintain current activity levels in the traditionally busier spring months absent a surge of much-needed new supply; although, that could materialize as current COVID-19 restrictions are increasingly eased and the weather starts to improve."
Highlights of CREA's report
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National home sales rose 6.6% on a month-over-month (m-o-m) basis in February.
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The actual (not seasonally adjusted) activity was up 39.2% year-over-year (y-o-y).
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The number of newly listed properties rebounded by 15.7% from January to February.
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The MLS® Home Price Index (HPI) jumped 3.3% m-o-m and was up 17.3% y-o-y.
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The actual (not seasonally adjusted) national average sale price posted a 25% y-o-y gain in February.
Read the entire report on Canadian MLS® sales for February of 2021.
Also, read CREA's revised Housing Market Forecast for 2021.
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Norm Fisher
Royal LePage Vidorra
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