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Canada’s housing market remained subdued in February, with national home sales slipping 1.3 per cent month over month, while non-seasonally adjusted transactions were down 1.8 per cent from a year ago, according to the latest data from Canadian Real Estate Association (CREA).
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Compared to January, which had a surge of new listings, February was marked by a pullback in new supply. The number of newly listed properties fell 3.9 per cent month over month, nudging the national sales-to-new-listings ratio up slightly to 47.6 per cent from 46.4.
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Prices continued to edge lower in February with the national MLS Home Price Index falling 0.6 per cent compared to the previous month, down 4.8 per cent from a year earlier. However, the national average home price was largely unchanged, dipping 0.2 per cent year over year to $663,828.
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High-priced markets like Toronto and Vancouver had some of the steepest benchmark price declines at 7.9 per cent and 6.7 month-over-month, respectively. Sales in those markets also declined, falling 6.3 per cent in Toronto and 9.3 per cent in Vancouver.
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Sales activity in some Prairie and western markets, including Edmonton and Winnipeg, increased modestly, while Montreal’s remained flat.
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“February saw a continuation of the quieter levels of activity recorded in January, although there was some indication things were starting to pick up speed toward the end of the month,” said Shaun Cathcart, CREA’s senior economist. He added that buyers in Ontario and British Columbia may continue to wait for further price declines.
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