Around Town: Canadian home sales drop in January
Statistics released February 15 by The Canadian Real Estate Association (CREA) show national home sales fell sharply in January 2018. Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to the highest monthly level on record in December.
Although activity retreated to the lowest monthly level in three years, January sales were on par with the 10-year monthly average. Actual activity was down 2.4% from January 2017 and stood close the 10-year average for the month of January. Sales came in below year-ago levels in about half of all local markets. By contrast, sales were up on a year over year basis in the Lower Mainland of British Columbia and Vancouver Island, the Okanagan Region, Edmonton, Montreal, Greater Moncton and Halifax-Dartmouth.
The number of newly listed homes plunged 21.6% in January to reach the lowest level since the spring of 2009. New supply was down in about 85% of all local markets. Large percentage declines were also recorded in the Lower Mainland of British Columbia and Vancouver Island, the Okanagan Region, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, London and St. Thomas, Kingston and Ottawa, closely mirroring the list of markets that saw the largest sales declines in January.
Editor’s Note: Vancouver Island is on the national stage due to its popularity as one of the most popular regions to live in. Real estate sales continue to show that prices are rising and inventory is decreasing.
Excerpt from the CREA website, Feb. 15, 2018. https://www.crea.ca/news/canadian-home-sales-drop-in-january/
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