OTTAWA — The Canadian Real Estate Association 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.
This report by The Canadian Press was first published Feb. 16, 2021
