After a sluggish second half of 2023, Canadian home sales show promising recovery in recent months.
Recent data from the Canadian Real Estate Association (CREA) indicates a positive shift in the housing market following a lackluster performance in the latter part of 2023. According to CREA’s latest report, home sales have begun to rebound, with a notable uptick in activity over the past two months.
Between December 2023 and January 2024, home sales on Canadian MLS® Systems saw a 3.7% increase, building upon the 7.9% month-over-month growth observed in the preceding month. While this surge brings sales figures closer to the stronger levels seen during the spring and summer of 2023, they still lag behind the 10-year average by approximately 9%.
Shaun Cathcart, Senior Economist at CREA, noted, “Sales are on the rise, market conditions are tightening, and there are signs of renewed competition among buyers. However, in areas experiencing the most significant sales growth, prices continue to trend downward. These dynamics indicate a market that is beginning to recover from recent challenges but is still navigating the lingering effects of the past two years.”
