Home Sales in Canadian Housing Market Soar, Up by Nearly 20% in February Compared to Last Year

The Canadian housing Market is witnessing a significant rise, with February home sales increasing by nearly 20% compared to last year.

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The Canadian Real Estate Association (CREA) reports that a robust growth has been observed in February as compared to the previous year. The sales jumped over 19.7% from February 2023.

The association says the increase in part reflected weakness last year, as the result for February 2023 was one of the lowest for the month in the past two decades.

On the monthly basis, the seasonal adjusted home sales in February have lowered 3.1 percent compared with January, says the CREA.

“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,” CREA senior economist Shaun Cathcart said in a news release.

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There was a monthly rise of 1.6% in the number of newly listed properties. The actual national average home price was $685,809 last month, up 3.5 per cent from February 2023.

Vy Ngo is one of the sales representatives with Big City Realty Inc. Brokerage, and she states that a line of positivity among the buyers can be observed this year which was lacking among them the previous year.

“Personally, my clients are getting pre-approval. Some of them are shopping and some of them are in the earlier stages,” she said. “Once the Bank of Canada lowers their rates, I think the market is going to be back on fire again,” she said.

She also mentioned selling a house in Toronto last month which was advertised for just three days in the market.

Navneet Kaur

NEWS

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