1708076552 Real Estate Residential real estate sales in Canada are rising

Real Estate: Residential real estate sales in Canada are rising

In Canada, home sales are increasing after experiencing a slowdown in the second half of 2023.

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• Also read: Real estate: sales and price increases in Montreal and Quebec

The Canadian Real Estate Association (CREA) revealed this in a press release published on Wednesday.

In fact, registered residential property sales increased by 3.7% in January 2024, following a 7.9% month-on-month increase in the previous month.

Sales increased by 22% compared to January 2023, while the number of new listings increased by 1.5% in a year.

Real Estate: Residential real estate sales in Canada are rising

Canadian Real Estate Association (CREA)

Although the House Price Index (MLS® PPI) fell by 1.2% in January 2024, it still shows an annual increase of 0.4%.

The largest increases were seen in the Greater Toronto Area, Hamilton-Burlington, Montreal, Greater Vancouver and the Fraser Valley, Calgary and most areas of the Greater Golden Horseshoe and Ontario Resort Region.

In Quebec, residential real estate sales rose 18% in the Montreal metropolitan area and 16% in the Quebec region in January 2024 compared to the same month last year, according to data from the Quebec Professional Association of Real Estate Agents (APCIQ).

The average price of homes sold in January in the country was $659,395 and in Quebec it was $535,000. This is an increase of 7% compared to the previous year.

“Sales have increased, market conditions have tightened significantly and there are signs of renewed competition among buyers; However, prices are still trending downward in areas where sales have increased the most over the past two months. Overall, trends point to a market that is beginning to recover but has yet to overcome the weaknesses of the last two years,” said Shaun Cathcart, senior economist at ACI.