Ottawa, ON, March 17, 2014 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2014, and extended the outlook to 2015.
National resale housing activity has started 2014 at lower levels, compared to previous years. This in part reflects payback for stronger levels of activity recorded last summer and fall when buyers with pre-approved mortgage financing advanced home purchases before their lower pre-approved rates expired. It also likely reflects the deferral of some activity due to what has been an exceptionally tough winter in many parts of the country.
Taking this into consideration, and with mortgage rates having edged lower, home sales are expected to trend higher heading into the spring, and be further supported over the second half of 2014 by a widely anticipated pick-up in Canadian economic growth.
Ottawa, ON, March 17, 2014 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was little changed in February 2014 on a month-over-month basis.
- National home sales edged up 0.3% from January to February.
- Actual (not seasonally adjusted) activity stood 1.9% above February 2013 levels.
- The number of newly listed homes edged up 0.6% from January to February.
- The Canadian housing market remains in balanced territory.
- The national average sale price rose 10.1% on a year-over-year basis in February.
- The MLS® Home Price Index (HPI) rose 5.1% year-over-year in February.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations was little changed from January to February 2014, edging up just three tenths of one per cent. The February result follows five straight monthly declines and leaves activity 9.3 per cent below the peak reached in August 2013.