(OTTAWA) The Canadian Real Estate Association (CREA) observed that national home sales rose 2.3% month-over-month in Canada last month, so compared to February 2022, actual sales were 40% lower.

Over the same two periods, the Home Price Index fell 1.1% month-over-month and 15.8% year-over-year. Last month, the average real price of properties sold in Canada was down 18.9% year over year.

The strongest increases in recorded residential sales were observed in the metropolitan areas of Toronto and Vancouver.

Jill Oudil, president of the Canadian Real Estate Association, says it’s impossible for her to know until the spring what the market has in store for 2023. However, she says that based on last month’s numbers , a parallel is needed between 2023 and 2019, a year of recovery: sales are increasing, the market is tightening and month-to-month price declines are easing.

CREA believes that prospective sellers, many of whom will also be buyers, are likely waiting for the opportune time to put their property up for sale and buy another, and for most it will be spring.