#canadian-housing-market

#canadian-housing-market

January home sales in Canada saw the largest year-over-year increase since May 2021, reflecting weakness in the housing market last year.

Market sentiment has been buoyed by the prospect of Bank of Canada rate cuts and a drop in fixed mortgage rates, but the central bank is not expected to cut rates in time for the spring.

The national average home price in January was $659,395, up 7.6% from January 2023, and the number of newly listed properties increased by 1.5% month over month.

The Canadian housing market is showing signs of increased activity, with rising home prices and sales, leading to an interesting future for buyers and sellers.

Canadian home sales rose 1.3% in August but remain 2.1% down year-over-year, signaling stalled market despite interest rate cuts.