Home Sales Across Canada Decline Slightly In February 2013

According to the Canadian Real Estate Association (CREA), home sales across Canada decreased by 2.1 per cent from January to February of this year, while new listings also declined by 1.2 per cent.

“A rebound in sales in some of Canada’s largest and most expensive markets, similar to those we saw following previous mortgage rule changes, has so far remained elusive,” said the president of the Canadian Real estate Association, Wayne Moen. “That said, the slowdown in many big markets is being offset by activity in many smaller and more affordable markets that were less impacted by last year’s mortgage rule changes. This serves as a reminder that all real estate is local. Buyers and sellers should speak to their Realtor to understand how the housing market is shaping up where they live or might like to.”

The average sale price across Canada also fell slightly, by one per cent year-over-year during the month of February.

“February 2012 saw and extra selling day due to the leap year,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “However, the year-over-year decline between this February and last year is largely a reflection of demand that is well off from 2012. The cooling of of the housing market resulted from tighter mortgage rules and guidelines coming into force in mid-July last year, with most of the decline in the sales occurring in August. Since then, sales activity has been flying at a lower altitude but has not shown much in the way of further deterioration. Until we get well into the summer months, year-over-year comparisons to months in the first half of 202 are predictably going to be down significantly but not necessarily indicative of further deterioration.”

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