Canadian home sales drop 40% in February compared with year ago: CREA

The Canadian Real Estate Association says homes sales shrunk by 40 per cent in February compared with a year ago.

The association says February sales were comparable to what was recorded during the same month in 2018 and 2019, before the COVID-19 pandemic.

The year-over-year drop in home sales in February came as the national average sale price posted an 18.9 per cent decline compared with the all-time record in February 2022.

The real estate association says the actual average home price in Canada was $662,437 in February.

Compared with January, CREA says national home sales rose 2.3 per cent in February, powered by gains in Toronto and Vancouver home sales.