Found 2 blog entries tagged as national home sales.

Canada's most affordable housing markets

For the first time since the early days of the COVID-19 public health crisis, residential property prices are coming down in the Canadian real estate market. Whether you call it a correction or a downturn, prospective homeowners might be finding housing affordability options across the country.

According to the Canadian Real Estate Association (CREA), national home sales tumbled 3.3 per cent month-over-month in November, and average prices declined 4.4 per cent year-over-year to $632,802. When the Greater Toronto Area and the Greater Vancouver Area are removed from the equation, the national average price is slightly more than $500,000. This is way down from the peak of more than $800,000 earlier this year.

But while…

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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…

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