CREA: NATIONAL HOME PRICES FALL 18% FROM A YEAR AGO, SALES DROP TWICE AS MUCH
Feb 15, 2023
By Bob Komsic
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Homes sales in the country last month were the lowest for the month in 14-years, and fell 37.1% from a year ago.
Sales for January were also down 3% compared with the month before.
The Canadian Real Estate Association also reports the number of newly listed properties rose 3.3% month-over-month.
However, they remain historically low with new listings falling to the lowest level for that month since 2000.
CREA says the national average home price was down 18.3% from January 2022 and warns there’s more to come.
”Year-over-year declines will likely hit their highest levels over the next two months as we move past the highest price levels on record in February and March of last year.”