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Canadian homes sales, prices and new listings edge up in January

February 20, 2013

CREA logoThe Canadian Real Estate Association (CREA) reports that national home sales activity edged up 1.3% on a month-over-month basis in January 2013. Home sales picked up in about half of all local markets in January from the previous month. Greater Toronto and Greater Vancouver posted monthly sales increases of 5.6% and 4.7% respectively, while sales in Edmonton climbed by nearly 10%. Activity gains there were partially offset by softer sales in Ottawa, the Fraser Valley, Montreal, Regina, London and St. Thomas, and Calgary.

National sales activity has held fairly steady after gearing down last August in the wake of tightened mortgage lending rules. “That said, things are becoming more interesting among local markets, with improving sales in Vancouver and Toronto likely to come as something of a surprise to some,” said CREA President Wayne Moen.

The number of newly listed homes rose 1.6% month-over-month in January, their first monthly increase since last September. New listings rose in a number of Canada’s most active markets, led by Greater Toronto. Other markets seeing an increase in newly listed homes included Greater Vancouver, Montreal, the Fraser Valley, and Vancouver Island.

With sales and new listings both having edged higher, the national sales-to-new listings ratio was little changed at 50.3% in January compared to 50.4% in December and remains firmly in balanced territory.

The actual (not seasonally adjusted) national average price for homes sold in January 2013 was up 2% from January 2012. Excluding the relatively pricey Greater Vancouver market (which continues to exert a strong gravitational pull on the national average sale price), there was a year-over-year increase of 3.3%.


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