National resale housing activity improved in February 2012 after having declined in January.
Here are some highlights from CREA’s report:
- Home sales rose 1.4% from January to February.
- Actual (not seasonally adjusted) activity was up 8.6% from February 2011 levels.
- A total of 61,772 homes traded hands in the first two months of 2012, up 6.7 per cent from the same period in 2011.
- The number of newly listed homes climbed 1.9% from January to February. A rebound in new listings in Toronto and Montreal, Canada’s two most active markets, offset a retreat in new listings in Vancouver, Canada’s third largest market.
- The national sales-to-new listings ratio was little changed, remaining firmly in balanced territory.
- The national average home price advanced 2.0% on a year-over-year basis in February.
- Sales activity recorded through the MLS® Systems of Canadian real estate Boards and Associations edged up 1.4 per cent from January to February 2012, recouping one-third of the monthly decline in activity between December 2011 and January 2012.
“The national rise in both sales activity and the number of newly listed homes beyond the normal seasonal increase provides clear evidence that Canadians are confident in housing market prospects,” said Gary Morse, CREA’s President.
We love to see good predictions come true! What are you thoughts on CREA’s stats?