Home sales down 37 per cent, average price falls over 18 per cent year over year (The Canadian Press)

By The Canadian Press

CREA reports worst January for home sales since 2009 as sales fall

Feb 15, 2023 | 7:53 AM

OTTAWA – The Canadian Real Estate Association says homes sales in January were the lowest for the month since 2009 and fell 37.1 per cent compared with a year ago.

The drop came as January sales were also down on a month-over-month basis as they dropped three per cent compared with December.

CREA says the move lower to start the year gave back the small gains made in December.

Home sales tumbled last year as rising mortgage rates increased the cost of borrowing for Canadians and slowed the housing market.

CREA says the number of newly listed homes was up 3.3 per cent on a month-over-month basis in January.

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The actual national average home price was $612,204 in January, down 18.3 per cent from January 2022.

This report by The Canadian Press was first published Feb. 14, 2023.

The Canadian Press