Canadian Real Estate Association (CREA) – Canadian Home Sales Begin 2023 at a 14-year low

The Canadian Real Estate Association (CREA) recently released its January 2023 national statistics.

Highlights:

• National home sales declined 3% month-over-month in January.
• Actual (not seasonally adjusted) monthly activity came in 37.1% below January 2022.
• The number of newly listed properties rose 3.3% month-over-month.
• The MLS® Home Price Index (HPI) declined by 1.9% month-over-month and was down 12.6% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted an 18.3% decline year-over-year in January.

Read the complete January 2023 CREA news release. Tara Deschamps of The Candian Press provides an editorial with Douglas Porter of BMO Capital Markets Rishi Sondhi of TD Economics in CityNews Everywhere.