National Home Sales Down

National home sales declined three per cent month over month in January, says the Canadian Real Estate Association (CREA). The number of newly listed properties rose 3.3 per cent, led by increases in British Columbia. With new listings up and sales down in January, sales-to-new listings eased back to 50.7 per cent. Gains in Hamilton-Burlington, ON; and Quebec City, QC; were more than offset by declines in Greater Vancouver, Victoria, and Vancouver Island, BC; Calgary and Edmonton, AB; and Montreal, QC. An increasing number of east coast markets where prices appeared to have bottomed out on a month-to-month basis are now trending back up.