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January home sales hit new record for the month as prices also post record high

The Canadian Press
January home sales hit new record for the month as prices also post record high

OTTAWA — The Canadian Real Estate Association (CREA) says home sales in January hit a new record high for the month as prices also set a new high water mark.

The association says January sales were up 35.2 per cent compared with a year earlier.

Sales for the first month of the year were also up 2.0 per cent compared with December.

The increase came as the national sales-to-new listings ratio rose to 90.7 per cent – the highest level on record. The previous monthly record was 81.5 per cent set 19 years ago.

The actual national average price of a home sold in January was a record $621,525, up 22.8 per cent from the same month last year.

CREA says excluding Greater Vancouver and the Greater Toronto Area, two of the country’s most active and expensive markets, cuts $129,000 from the national average price.

 

© 2021 The Canadian Press

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