Canada home sales drop to a 14-year low

 

According to the Canadian Real Estate Association (CREA), home sales in January saw a 3% MoM decline.  The benchmark price dropped 0.5% — CA$ 3,300 ($2,450), to CA$ 713,700 ($529,700) last month.  The benchmark price in January brought in a 12.5% YoY decline, revealing the sharpest drop in 14 years.  The increase in Hamilton-Burlington and Quebec City areas was more than offset by the decline in Greater Vancouver, Victoria, Calgary, Edmonton, and Montreal.  According to the Chair of CREA, Jill Oudil, the next one or two months will show how the housing market will perform in 2023.  New home listings increased by 3% MoM, led by an increase across British Columbia. However, new listings continue to remain historically low nationwide.