Canadian existing-home sales fell by 3% in February

Posted on March 22, 2024   |  

Home sales dipped by 3.1% from January to February, offsetting some of the previous month's 12.7% rise.

Over the past three months, home sales have generally remained higher compared to the quieter period in fall 2023.

In February 2024, the number of transactions was 19.7% higher than in February 2023, partly due to low sales figures in February 2023. However, current activity is only about 5% below the 10-year average.

Newly listed homes increased by 1.6% on a month-over-month basis.

The national inventory stood at 3.8 months at the end of February, slightly up from January's 3.7 months, but still below the long-term average of 5 months.

The national average home price in Canada was $685,809 in February 2024, marking a 3.5% increase from February 2023.