Home Sales Zoom in January: CREA

Figures released Friday by the Canadian Real Estate Association say home sales rose 11.5% in January compared with a year earlier to reach the highest sales figures for the month in 12 years, even as new listings remain constrained.

CREA reported seasonally-adjusted sales fell 2.9% in January from a month earlier, dragged down by a roughly 18%drop in sales in the Lower Mainland of British Columbia.

The actual average price for homes sold in January was about $504,350, up 11.2% from the same month a year earlier for the largest increase since mid-2016.

Removing the Greater Vancouver Area and Greater Toronto Area from the picture, the national average price falls to around $395,000.

Home prices declined slightly in Greater Vancouver and in Prairie cities, while Montreal and cities in Ontario saw strong gains.

Prices rose as new listings remain near decade lows, though they edged up 0.2% in January from December.