Canadians looking to purchase a home will be happy to hear there was a jump in new listings that hit real estate markets across the country in February 2022.

The number of newly listed properties jumped 23.7% month-over-month in February. That would have been an all-time record had it not been for the exceptional May and June Canada’s housing market experienced in 2020 following the first wave of the COVID-19 pandemic.

The latest data from the Canadian Real Estate Association (CREA) shows Canadians took advantage of the increase in supply as national home sales rose 4.6% from January to February 2022. Year-over-year, February’s home sales are down 8.2% compared to a record-breaking February 2021.

During CREA’s latest Monthly Housing Market Report (available to watch below), Shaun Cathcart, CREA’s Senior Economist and Director of Housing Data and Market Analysis, said activity was stronger in late-February, which “bodes well for March sales.”

“When we’re coming out of the winter months, you go from a very quiet market to very active, very quickly. That means something like unadjusted supply through the month of February is going to [continue to rise dramatically] every day,” Cathcart said, further explaining how many offer dates will materialize in March.

The average price of homes sold across Canada in February 2022 is up 20.6% from this time last year, reaching $816,720.

The MLS® Home Price Index—CREA’s most accurate tool to gauge a neighbourhood’s home price levels and trends—broke another record and was up 3.5% month-over-month, not to mention up a record 29.2% year-over-year.

As always, we’ll keep you posted on the pulse of the Canadian housing market. Remember, contact a REALTOR® for more detailed information about your neighbourhood and its price trends.


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