Canadian Home Sales Fall Further in February

• National home sales declined by 6.5% from January to February
• Actual (not seasonally adjusted) activity was down 16.9% year-over-year in February
• The number of newly listed homes recovered by 8.1% from January to February
• The MLS Home Price Index (HPI) in February was up 6.9% y-o-y
• The national average sale price declined by 5% y-o-y in February

"Sales activity is down in many, but not all, housing markets compared to the end of last year, and varies depending on price range, location, and property type." said CREA President Andrew Peck.
 
There were 5.3 months of inventory on a national basis at the end of February 2018 - the highest level in two and a half years and in line with the long-term average of 5.2 months.
 
"The drop off in sales activity following the record breaking peak late last year confirms that many homebuyers moved purchase decisions forward late last year before tighter mortgage rules took effect in January," said Gregory Klump, CREA's Chief Economist. "Momentum for home sales activity going into the second quarter is also likely to be weighed down by housing market uncertainty in British Columbia, where new housing policies were introduced toward the end of February."

If you have questions, or concerns, about today's market, feel free to contact me today!
 
Mike Mossuto
 Real Estate Advisor
 Keller Williams Complete Realty