A 14-year low in home sales: What happened in Canada’s housing market last month
Global News
Canada's housing market saw a 14-year low in sales and a more than two-year low in new building activity in January, according to new data released Wednesday.
Canada’s housing market is off to a cold start in 2023, as both homebuilding and sales activity show multi-year lows.
The Canada Real Estate Association (CREA) said Wednesday that last month homebuying hit a 14-year low for the month of January. Sales volume was 37.1 per cent below the same month last year, the second-best January ever on record.
Sales were down three per cent on a month-over-month basis, which CREA said effectively gave back small gains seen in December 2022.
In non-seasonally adjusted terms, CREA said the national average home price in Canada was $612,204 in January, down 18.3 per cent year over year.
The chill in the country’s housing market extended to homebuilding in January, according to the Canada Mortgage and Housing Corp. (CMHC), which also released new housing starts data on Wednesday.
The pace of new construction was down 13 per cent between January and December on a seasonally adjusted basis, CMHC said.
Last month, this figure hit its lowest point since September 2020, according to the agency.
Starts in multi-family units like apartments and condos represented the bulk of the downturn.
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