By Sammy Hudes
The Canadian Real Estate Association says February home sales jumped 19.7% compared with a year ago in what could mark the “last relatively uneventful month of the year.”
The association said Monday the increase in part reflected weakness last year, as the result for February 2023 was one of the lowest for the month in the past two decades. It said current activity has also climbed back to only around five per cent below the 10-year average.
On a month-over-month basis, seasonally adjusted home sales in February dipped 3.1% compared with January. CREA said it is seeing a general trend of “somewhat higher levels of activity over the last three months compared to a quiet fall market in 2023.”
“With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts…
