March 15, 2019
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales dropped sharply from January to February 2019.
Highlights:
- National home sales plummeted 9.1% month-over-month (m-o-m) in February.
- Actual (not seasonally adjusted) activity was down 4.4% year-over-year (y-o-y).
- The number of newly listed homes fell 3.2% m-o-m.
- The MLS® Home Price Index (HPI) was virtually unchanged (-0.1% y-o-y).
- The national average sale price fell by 5.2% y-o-y.
Home sales via Canadian MLS® Systems plunged 9.1% m-o-m in February 2019 to the lowest level since November 2012. The month-over-month decline was the largest recorded since the B-20 stress test came into effect in January of last year.
CREA Updates and Extends Resale Housing Market Forecast
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2019 and extended its outlook to include 2020.
While the outlook for economic growth has dimmed since CREA’s previous forecast was released last December, interest rates together with labour market and demographic fundamentals remain supportive for housing demand. However, policy headwinds continue to limit access to mortgage financing and dampen housing market sentiment.
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