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Canadian home sales rise in February despite drop in new supply
Statistics released by the Canadian Real Estate Association (CREA) show national home sales were up on a month-over-month basis in February 2023.
- National home sales rose 2.3% month-over-month in February.
- Actual (not seasonally adjusted) monthly activity came in 40% below February 2022.
- The number of newly listed properties dropped 7.9% month-over-month.
- The MLS® Home Price Index (HPI) edged down 1.1% month-over-month and was down 15.8% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted an 18.9% year-over-year decline in February.
Home sales recorded over Canadian MLS® Systems posted a 2.3% increase from January to February 2023. Gains were led by the Greater Toronto Area (GTA) and Greater Vancouver.
The actual (not seasonally adjusted) number of transactions in February 2023 came in 40% below an incredibly strong month of February in 2022. The February 2023 sales figure was comparable to what was seen for that month in 2018 and 2019.