Canadian Home Sales Set New All-Time Record in February

The Canadian Real Estate Association (CREA) is reporting that home sales recorded over the Canadian MLS® System rose 6.6% month-over-month (M-O-M), setting another all-time home sales record, in February 2021. Actual activity (not seasonally adjusted) was up year-over-year (Y-O-Y) 39.2%. The MLS® Home Price Index (HPI) increased 3.3% M-O-M and 17.3% Y-O-Y. The number of newly listed properties rose 15.7% between January and February of 2021. The national average sales price (not seasonally adjusted) rose 25% Y-O-Y in February. Costa Poulopoulos, Chair of CREA, said in prepared remarks, “At this point everyone knows how far the current monthly sales numbers are from historical norms, and that they have been setting record after record for eight months now, so this should not be a surprise like the weak numbers posted last spring were.”