FEBRUARY 2024 CREA Statistics and Quarterly Forecast
Canadian Home Prices See Sudden End to Declines
Canadian Home Prices See Sudden End to Declines in Advance of Spring MarketCanadian home prices as measured by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA).The fact that prices were unchanged from January to February was noteworthy given they had dropped 1.3% from December to January. Considering how stable the seasonally adjusted MLS® HPI tends to be, shifts this abrupt are exceedingly rare.There have only been three other times in the last 20 years that have shared a sudden improvement or increase in the month-over-month percentage change from one month to the next of this size; all at various points in the last four years when demand was coming off the sidelines.“It’s looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes,” said Shaun Cathcart, CREA’s Senior Economist. “With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”Highlights:
- National home sales dipped 3.1% month-over-month in February.
- Actual (not seasonally adjusted) monthly activity came in 19.7% above February 2023.
- The number of newly listed properties edged up 1.6% month-over-month.
- The MLS® Home Price Index (HPI) was flat month-over-month and was up 0.8% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 3.5% year-over-year increase in February.
Access the February 2024 stats PDF.
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