Canadian home sales down year-over-year in January: CREA

There’s more evidence that shows the Canadian real estate market has come crashing down from its prime.

The Canadian Real Estate Association (CREA) says home sales posted their worst start to the year in January since 2009.

According to the CREA, on an annual basis, sales dropped 37.1 per cent nationwide in the first month of the year compared with January 2022 — noted by the CREA as the second-best January ever.

“The big question on everyone’s minds after last year was what will housing markets do in 2023?” said CREA Chair Jill Oudil.

“We may have to wait another month or two to see what buyers are planning this year since new listings are currently trickling out at near-record low levels, but that should change as the weather warms. When looking for information and guidance about how to buy or sell a property, your best bet is to contact a local Realtor.”


Related articles: 


Month-over-month, the CREA says national home sales declined three per cent this January.

In terms of stock, the association notes the number of newly listed homes rose slightly by 3.3 per cent on a monthly basis to start the year, with increases in B.C. leading the way. However, the CREA says new listings “remain historically low,” with new supply hitting the lowest level for January this year since 2000.

Meanwhile, as home sales dropped, so too did the average sale price, by 18.3 per cent.

The actual average price in January sat at $612,204, down from $749,437 during the same month last year, the CREA says. On a seasonally adjusted basis, the average price in January was $620,605, down 1.8 per cent from December.

-With files from The Canadian Press

Top Stories

Top Stories

Most Watched Today