February’s home sales plummeted 40 per cent from a year ago to levels not seen since before the pandemic as new listings and prices also dropped in what one economist called “hints of a bottoming process.”
The plunge in sales came as actual average home prices declined 18.9 per cent compared with the all-time record posted in February 2022, the Canadian Real Estate Association said Wednesday.
The actual average home price in Canada was $662,437 in February, down from $816,578 a year earlier, the association said.
Compared with January, national home sales rose 2.3 per cent in February from January, powered by gains in Toronto and Vancouver, while the number of newly listed properties dropped 7.9 per cent month over month….