Author: sean dreilinger
Canadian existing homes sales were down by 1.5% in February, despite prices continuing to increase, according to figures released by the Canadian Real Estate Association (CREA).
Sales of homes nationally were a seasonally adjusted 42,799 edging down from January, according to CREA.
Despite having sales up in Ontario by 3.3%, they were significantly down in British Columbia by 13.3%, which pulled the national average down.
With the Olympics occurring in Vancouver in February, it may account for the sales activity, however until the end of March will be know for certain if this was the cause.
Actual sales year over year showed an increase of 44% in February, compared to the period a year ago. The year over year gain was smaller than in prior months as listings rose for the fifth straight month.
The average price of a home was $333,655, making it up 18.2% compared to the same period a year earlier.
CREA noted that as sales activity showed a smaller gain compared to the past four months, and year over year gains are expected to become more subdued as the year continues.
Strong resale demand continues to draw on inventory levels, however there is much more inventory for buyers to deal with.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
