National home sales fell 3.1 per cent from December of last year to January 2015, according to the latest month-over-month analysis from the Canadian Real Estate Association (CREA). Although fewer sales were recorded in approximately 60 per cent of all housing markets, the country’s weakest markets altered national totals significantly. These regions included Edmonton, Sask. and Calgary, Alta.
“As expected, consumer confidence in the Prairies has declined and moved a number of potential homebuyers to the sidelines as a result,” says Beth Crosbie, CREA President. “By contrast, housing market trends in the Maritimes are continuing to improve, which underscores the fact that all real estate is local.”
According to CREA, year-over-year comparisons indicated a 3.1 per cent increase in average national sale prices, the smallest increase since April 2013. In January, the average price of a Canadian home reached $401,143. However, that figure is skewed by the country’s most active and expensive markets, Vancouver and Toronto. When these markets are removed from the equation, the average price is $312,280. Across the country, condo apartment prices grew by 3.11 per cent, year-over-year.
New listings rose in slightly over half of all local housing markets, with Edmonton and the Greater Toronto Area leading the way. Greater Vancouver, Calgary and Regina witnessed the largest month-over-month declines in new listings.