New homes are built in a housing construction development in the west end of Ottawa on Thursday, May 6, 2021.The Canadian Real Estate Association says January home sales were up 22 per cent compared with a year ago, the largest year-over-year gain since May 2021. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – The Canadian Real Estate Association says January home sales jumped 22 per cent compared with a year ago, the largest year-over-year gain since May 2021.
The association says the increase reflected weakness last year which saw the worst start to almost any year in the past two decades.
On a seasonally adjusted basis, CREA says home sales in January were up 3.7 per cent when compared with December 2023.
CREA senior economist Shaun Cathcart says trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years.
The number of newly listed properties was up 1.5 per cent month-over-month.
The actual national average home price was $659,395 in January, up 7.6 per cent from January 2023.
This report by The Canadian Press was first published Feb. 14, 2024.
