The Canadian Real Estate Association (CREA) recently released national sales statistics for January of 2022.
“Statistics released today by the Canadian Real Estate Association (CREA) show national home sales remained historically high in January 2022 despite historically low levels of both new and end-of-month supplies of properties for sale."
“As expected, January was pretty quiet on the new listings side of things, with this year’s first big new supply numbers unlikely to emerge until the weather starts to warm up a bit,” said Cliff Stevenson, Chair of CREA. “The question is will that supply be overwhelmed by demand as it was last spring, or will we start to see the re-emergence of some of the many would-be sellers who have been hunkered down for the last two years? Either way it is shaping up to be another interesting year for the housing market, and your local REALTOR® has the information and guidance you’ll need if you are planning on buying or selling in 2022,” continued Stevenson.
Highlights of CREA's report
• National home sales edged up 1% on a month-over-month basis in January.
• Actual (not seasonally adjusted) monthly activity came in 10.7% below the record January in 2021.
• The number of newly listed properties dropped 11% from December 2021 to January 2022.
• The MLS® Home Price Index (HPI) rose a record 2.9% month-over-month and was up a record 28% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 21% year-over-year gain in January.
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Norm Fisher
Royal LePage Vidorra
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