Canadian home sales decline slightly in January, says CREA

home sales canada

According to statistics released by The Canadian Real Estate Association (CREA), national home sales were down slightly in January 2017 on a month-over-month basis.

Highlights:

-National home sales declined 1.3% from December 2016 to January 2017.

-Actual (not seasonally adjusted) activity in January was up 1.9% from a year earlier.

-The number of newly listed homes dropped 6.7% from December 2016 to January 2017.

-The MLS® Home Price Index (HPI) in January was up 15.0% year-over-year (y-o-y).

-The national average sale price was little changed (+0.2%) y-o-y in January.

“Canadian homebuyers face some challenges this year, including new mortgage rules that make it harder to qualify for a mortgage and regulatory changes that will push up mortgage financing costs,” said CREA President Cliff Iverson. “It will take some time to gauge the extent to which these challenges will weigh on home buyers in different housing markets across Canada. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“The shortage of homes available for sale has become more severe in some cities, particularly in and around Toronto and in parts of BC,” said Gregory Klump, CREA’s Chief Economist. “Unless sales activity drops dramatically, the outlook for home prices remains strong in places that face a continuing supply shortage.”

Source: CREA

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