Home sales have a weak start to 2023
Home sales in Canada in January 2023 were the lowest for the month since 2009. -BNN Bloomberg
January sales were down 37.1% compared to a year ago.
January sales fell by 3% compared to December.
Gains in Hamilton-Burlington, Ont., and Quebec City were more than offset by lower sales in Greater Vancouver, Victoria and elsewhere on Vancouver Island, Calgary, Edmonton and Montreal.
Home sales tumbled last year as rising mortgage rates increased the cost of borrowing for Canadians and slowed the housing market.
The number of newly listed homes was up 3.3% on a month-over-month basis in January.
Nationally, new listings remained historically low with new supply in January, the lowest level for that month since 2000.
With new listings up and sales down in January, sales-to-new listings eased back to 50.7%.
The actual national average home price was $612,204 in January, down 18.3% from January 2022.
See the full story here: https://www.bnnbloomberg.ca/worst-january-for-home-sales-since-2009-crea-reports-1.1884212
