Sales in Canada fell to a five year low year on year in February 2018, latest index shows

Homes sales in Canada fell further in February 2018, down 6.5% compared to January with overall activity down by 16.9% year on year to a five year low, the latest index shows. The national average sale price also fell, down 5% year on year to an average of just over $494,000avily influenced by falls in GVA and GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations trims more than $112,000 from the national average price, reducing it to just under $382,000. Sales were down from the previous month in almost three quarters of all local housing markets, with large monthly declines in and around Greater Vancouver (GVA) and Greater Toronto (GTA). ‘The drop off in sales activity following the record-breaking peak late last year confirms that many homebuyers moved purchase decisions forward late last year before tighter mortgage rules took effect in January,’ said Gregory Klump, CREA chief economist.