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Canadian real estate sales just fell the most since 2008. Here’s why.
Michael La Prairie
on Friday, February 16th, 2018 at 11:47am.
Canadian real estate sales just fell off a cliff. Canadian Real Estate Association (CREA) numbers show a decline of buyers in January. The decline is one of the largest in Canadian history. Some agents claim this is temporary, but it’s in line with the estimated declines we posted earlier. Canadian real estate sales drop over 13 per cent Canadian real estate sales made large declines. CREA reported 39,609 sales when seasonally adjusted for January. This a 13.8 per cent decline from December, and represents a 6.2 per cent decline compared to last year. Unadjusted, that number was just 24,931 sales. It’s normal for a monthly decline in January, but the size should be of concern. CREA noted this is the first time since 2015, that sales have fallen below the 10 year, monthly average.
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