The latest data from the Canadian Real Estate Association (CREA) shows the actual average Canadian home price hit a record $748,450 in January 2022, up 21% from the same month last year.

On a month-over-month basis, national home sales edged up 1%, yet the number of newly listed properties dropped 11% from December, helping to create some of the tightest market conditions ever recorded.

The sales-to-new listings ratio rocketed from 78.7% in December to 89.4% in January—to put this into perspective, the long-term average is 55%.

While January 2022 home sales were 10.7% lower compared to this time last year, it’s still the second-highest level on record for that month.

“The ideal situation between now and the summer would be that a huge surge of sellers come forward looking to sell in the spring 2022 market,” said Shaun Cathcart, CREA’s Senior Economist and Director of Housing Data and Market Analysis. “If that were to occur, similar to 2021, we’d likely see a massive number of sales take place which would get a lot of frustrated buyers into homeownership, and we’d likely see some cooling off on the price growth side if those offers are spread across more listings.”

In line with the tightest market conditions ever recorded, the Aggregate Composite MLS® Home Price Index, the most accurate way to gauge a neighbourhood’s home price levels and trends, was up a record 2.9% on a month-over-month basis in January 2022.

Remember, contact a REALTOR® for more detailed information about your neighbourhood and its price trends.

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