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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Canadian housing markets set records again in January