January home sales hit new record for the month as prices also post record high
Posted February 16, 2021 6:29 am.
Last Updated February 16, 2021 7:46 am.
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, and sales for the first month of the year were also up 2.0 per cent compared with December.
CREA chair Costa Poulopoulos says the new year “started off just like 2020 ended, with a number of key housing market indicators continuing to set records.”
“The two big challenges facing housing markets this year are the same ones we were facing last year – COVID and a lack of supply. It’s looking like our collective efforts to bring those COVID cases down over the last month and a half are working,” explains Poulopoulos.
“With luck, some potential sellers who balked at wading into the market last year will feel more comfortable listing this year. As lockdowns are once again easing and the spring market begins to ramp up, we will remain vigilant in adhering to all the latest government and health officials’ directives to keep our clients safe. Now as always, REALTORS® remain the best source for information and guidance when negotiating the sale or purchase of a home,” he adds.
However, the CREA notes those numbers likely can’t continue unless there is a surge in housing supply in the coming months.
Canadian sales kick off 2021 with another monthly record in January. More details https://t.co/ABP2i2Kfbk #CREAStats pic.twitter.com/IVdUhW9PWx
— CREA | ACI (@CREA_ACI) February 16, 2021
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.
The Victoria and Greater Vancouver areas saw prices rise five to 10 per cent in January.
National home sales set another all-time record in January.
According to the Canadian Real Estate Association, prices rose in the 5-10% range in Victoria and Greater Vancouver. @NEWS1130 pic.twitter.com/0tZQ88Rssx— Amanda Wawryk (@AmandaWawryk) February 16, 2021
