National home sales down in January

National home sales activity decreased month-over-month in January 2015, according to new figures, but the Canadian housing market remains balanced.

The Canadian Real Estate Association’s monthly figures showed that national home sales fell 3.1 per cent from December to January, while actual activity stood two per cent below January 2014 levels.

While sales were down in around 60 per cent of all local housing market, the 3.1 per cent decline is largely reflective of fewer sales in Alberta and Saskatchewan

“As expected, consumer confidence in the Prairies has declined and moved a number of potential homebuyers to the sidelines as a result,” said Beth Crosbie, president of CREA.

“By contrast, housing market trends in the Maritimes are continuing to improve, which underscores the fact that all real estate is local.”

The number of newly-listed homes rose 0.7 per cent in January, compared to December. New supply was highest in Edmonton and the Greater Toronto Area.

By contrast, the Greater Vancouver Area, Calgary and Regina posted the largest monthly declines in new listings.

The national average price for homes sold in January 2015 was $401,143, which represents an increase of 3.1 per cent year-over-year and the smallest increase since April 2013.

Find out more about the median house prices, capital growth and demographics in Canada's cities and neighbourhoods with CREW’s free online Investment Hotspot tool.
 

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