Home Sales in Canadian Housing Market Soar, Up by Nearly 20% in February Compared to Last Year
The Canadian housing Market is witnessing a significant rise, with February home sales increasing by nearly 20% compared to last year.
The Canadian Real Estate Association (CREA) reports that a robust growth has been observed in February as compared to the previous year. The sales jumped over 19.7% from February 2023.
The association says the increase in part reflected weakness last year, as the result for February 2023 was one of the lowest for the month in the past two decades.
On the monthly basis, the seasonal adjusted home sales in February have lowered 3.1 percent compared with January, says the CREA.
“With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year,” CREA senior economist Shaun Cathcart said in a news release.
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