JANUARY 2024 CREA Statistics and Quarterly Forecast
By
PRINCE EDWARD ISLAND REAL ESTATE ASSOC.
2024-02-16
Canadian Home Sales Showing Signs of Recovery
Canadian Home Sales Showing Signs of Recovery
Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, according to the latest data from the Canadian Real Estate Association (CREA).
Home sales activity recorded over Canadian MLS® Systems rose 3.7% between December 2023 and January 2024, building on the 7.9% month-over-month increase recorded the month prior. While activity is now back on par with 2023’s relatively stronger months recorded over the spring and summer, it begins 2024 about 9% below the 10-year average.
“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers; however, in areas where sales have shot up most over the last two months, prices are still trending lower. Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years,” said Shaun Cathcart, CREA’s Senior Economist.
Highlights:
National home sales were up 3.7% month-over-month in January.
Actual (not seasonally adjusted) monthly activity came in 22% above January 2023.
The number of newly listed properties edged up 1.5% month-over-month.
The MLS® Home Price Index (HPI) fell by 1.2% month-over-month but was still up 0.4% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 7.6% year-over-year increase in January.
