National homes sales edged down in February from the previous month, and the benchmark home price fell 4.8 per cent compared to the same time last year, the Canadian Real Estate Association (CREA) said on Tuesday.
CREA chief economist Shaun Cathcart said February’s data showed a “continuation of the quieter levels of activity” seen in January, but he said the association expects “pent-up” demand to boil over during the spring season.
New listings were down 3.9 per cent in February compared to January, and the sales-to-new-listings ratio also narrowed. CREA said price declines in British Columbia, Ontario and Alberta offset gains made in other provinces.
The MLS Home Price Index showed that the national benchmark home price was $661,100 last month, close to the prices seen in the spring of 2021.
It’s a good start, but we need them to fall another 70%.
I think the last time housing was considered affordable in Canada was 2014.