Canadian home sales show signs of recovery

Following a weak second half of 2023, home sales over the last two months are showing signs of recovery, says the Canadian Real Estate Association (CREA).

Home sales activity rose 3.7 percent between December 2023 and January 2024, building on the 7.9 percent month-over-month increase recorded the month prior. While activity is now back on par with 2023's relatively stronger months recorded over the spring and summer, it begins 2024 about nine percent below the 10-year average.

National gains were once again led by the Greater Toronto, ON, Area (GTA); Hamilton-Burlington, ON;  Montreal, QC; Greater Vancouver and the Fraser Valley, BC: Calgary, AB; and most markets in Ontario's Greater Golden Horseshoe and cottage country.

The number of newly listed homes edged up 1.5 percent on a month-over-month basis in January, although it remains close to the lowest level since last June.