Canadian Home Sales Edge Down From Dec/16 to Jan/17

According to statistics^[1]released today by The Canadian Real Estate Association (CREA), national home sales were down slightly in January 2017 on a month-over-month basis.

Highlights:

• National home sales declined 1.3% from December 2016 to January 2017.
• Actual (not seasonally adjusted) activity in January was up 1.9% from a year earlier.
• The number of newly listed homes dropped 6.7% from December 2016 to January 2017.
• The MLS® Home Price Index (HPI) in January was up 15.0% year-over-year (y-o-y).
• The national average sale price was little changed (+0.2%) y-o-y in January.

Home sales over Canadian MLS® Systems edged down by 1.3% month-over-month in January 2017, putting them at the second lowest monthly level since the fall of 2015 and only slightly above levels recorded last November when recently tightened mortgage regulations came into effect. (Chart A)

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