The drop came as the national average sale price posted an 18.9% decline compared with the all-time record in February 2022
OTTAWA — Home sales in Canada plummeted 40 per cent last month compared with a year ago, with new listings and prices also dropping in what one economist called "hints of a bottoming process."
Compared with January, CREA said national home sales rose 2.3 per cent in February, powered by gains in Toronto and Vancouver, while the number of newly listed properties dropped 7.9 per cent month over month. Still, while prices have softened to some degree almost everywhere across Canada, Calgary, Regina, Saskatoon, and St. John’s stand out as markets where home prices are barely off their peaks, the real estate association said.
“While we’re not seeing it in the sales or listings data just yet, I would expect homeowners are getting properties ready for the market and prospective buyers are getting mortgage pre-approvals."
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