The Canadian Real Estate Association’s latest national home statistics say that home sales across Canada increased by 1 per cent from January to February, with the number of newly listed homes decreased by 2.5 per cent.
“A number of buyers across the Prairies stayed on the sidelines in February,” said the president of the Canadian Real Estate Association, Beth Crosbie, in a press release. “That’s likely to remain an important part of the national housing story until the outlook for oil prices starts improving. Meanwhile, home sales in British Columbia and much of Ontario are improving, which underscores the fact that all real estate is local. Nobody knows this better than your local Realtor, who remains your best source for information about the housing market where you currently live or might like to in the future.”
The national average home price increased by 6.3 per cent in February 2015 over February 2014.
“Sales came in below the ten-year average for the month of February in two-thirds of all local markets,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “That said, the opposite was true in a few large urban markets in British Columbia and Ontario despite a shortage of listings there, which is fueling prices higher.”