National Home Sales Increase In February

According to the latest from the Canadian Real Estate Association (CREA), national home sales have increased 1.4 per cent from January 2012 to February 2012.

“The national rise in both sales activity and the number of newly listed homes beyond the normal seasonal increase provides clear evidence that Canadians are confident in housing market prospects,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “Confidence varies by region, as do prospects for housing demand. For that reason, buyers and sellers should talk to their local Realtor to understand current and prospective trends in their local housing market.”

National home sales were up 8.6 per cent year-over-year.

“It is important to remember that MLS home sales and purchases are a significant source of economic activity and job creation. Total consumer spin-off spending resulting from MLS home sales and purchases will add an estimated $19.4B to the economy, and create over 159,000 jobs in 2012,” he continued.

A lack of new listings in cities like Toronto is resulting in prices higher than average. Nationally, new listings only rose 1.9 per cent from January to February.

The Canadian Real Estate Association’s Chief Economist, Gregory Klump, had this to say:

“In February 2011, the national average price was stretched upward by a spike in high-end home sales in some of Vancouver’s priciest neighbourhoods, and a replay of that was not expected this year. February’s data bear this out, but other factors are keeping the national average price aloft. The main one is the housing market in Toronto, where a tight balance between supply and demand continues to drive some of the strongest home price gains in the country, particularly for single detached properties.”

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