Nationwide house gross sales in February up almost 20% in contrast with yr in the past

By Sammy Hudes

The Canadian Actual Property Affiliation says February house gross sales jumped 19.7% in contrast with a yr in the past in what might mark the “final comparatively uneventful month of the yr.”

The affiliation mentioned Monday the rise partially mirrored weak spot final yr, because the end result for February 2023 was one of many lowest for the month prior to now twenty years. It mentioned present exercise has additionally climbed again to solely round 5 per cent under the 10-year common.

On a month-over-month foundation, seasonally adjusted house gross sales in February dipped 3.1% in contrast with January. CREA mentioned it’s seeing a normal pattern of “considerably greater ranges of exercise over the past three months in comparison with a quiet fall market in 2023.”

“With a lot demand having piled up on the sidelines, the story will probably be much less concerning the precise timing of rate of interest cuts and extra about what number of houses come up on the market this yr,” CREA senior economist Shaun Cathcart mentioned in a information launch.

The variety of newly listed properties was up 1.6 per cent month-over-month. In the meantime, there have been 3.8 months of stock on a nationwide foundation on the finish of February 2024, up from 3.7 months on the finish of January, however in need of the long-term common of about 5 months of stock.

The precise nationwide common house worth was $685,809 final month, up 3.5% from February 2023.

Vy Ngo, a gross sales consultant with Massive Metropolis Realty Inc. Brokerage, mentioned consumers are exhibiting much more optimism than they have been on the finish of final yr.

“Personally, my purchasers are getting pre-approval. A few of them are purchasing and a few of them are within the earlier levels,” she mentioned.

“As soon as the Financial institution of Canada lowers their charges, I believe the market goes to be again on hearth once more,” she mentioned.

Ngo mentioned she bought a home final month within the Toronto space that spent simply three days in the marketplace.

“My consumer initially needed to promote finish of final yr and I advised them to only maintain on to the brand new yr. That was a nice promote.”

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