According to the latest data from the Canadian Real Estate Association (CREA), home sales declined by 2.9% in January 2020 based on home sales recorded with Canadian MLS Systems. However, actual sales activity was up 11.5% compared to January of 2019, which makes it the best January sales figures in 12 years.
The actual national average price for homes sold in January 2020 was around $504,350, which is up 11.2% from January 2019. This was the largest increase since mid-2016. As little stands to change between the supply and demand dynamic, price gains are “poised to accelerate” this year.
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