Canada’s housing market showed signs of life in February following a year of cooling off, but experts are watching the typically busy spring season to determine whether the correction has hit its bottom.
The Canadian Real Estate Association (CREA) said Wednesday that while monthly home sales were down 40 per cent from the same month a year earlier in February, sales actually rose 2.3 per cent from January.
That was thanks largely to an uptick in activity in the Greater Toronto and Vancouver areas, CREA said. The average national sale price was $662,437 last month, down 18.9 per cent from the all-time high in February 2022 — the month that most consider the peak of the frenzied pandemic housing market in Canada.
Read more: Am I ready to buy a home? Questions to ask before entering the housing market Without the Greater Toronto and Vancouver markets, however, the average home price would be roughly $135,000 less, the agency said.