Canadian Home Sales Set Another All-Time Record High in January 2021
Canadian housing markets set records again in January
The Canadian Real Estate Association (CREA) is reporting that national homes sales in Canada set another all-time record in January 2021. Month-over-month (M-O-M) (December 2020 – January 2021) homes sales in Canada increased by 2%. Year-over-year (Y-O-Y) sales, not seasonally adjusted, were up 35.2%. The number of newly listed properties declined -13.3% M-O-M. The MLS® Home Price Index (HPI) rose 1.9% M-O-M and Y-O-Y were up 13.5%. Not seasonally adjusted, the actual national average home sale price posted a 22.8% increase Y-O-Y in January 2021. In prepared remarks for the January release, Costa Poulopoulos, Chair of CREA, said, “2021 started off just like 2020 ended, with a number of key housing market indicators continuing to set records. The two big challenges facing housing markets this year are the same ones we were facing last year – COVID and a lack of supply”.
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