CREA reports home sales fell in February amid tariff uncertainty

Home sales fell in February

Photo: The Canadian Press

A real estate sign is shown in Vaughan, Ont. on Thursday Sept. 12, 2024.

The Canadian Real Estate Association says home sales in February fell to their lowest level in more than a year as homebuyers stayed on the sidelines amid the uncertainty created by the trade war with the United States.

The association says actual home sales in February were down 10.4 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, home sales in February were down 9.8 per cent compared with January.

CREA says it was the lowest level for home sales since November 2023 and the largest month-over-month drop since May 2022.

The association also says new listings fell 12.7 per cent month-over-month, following a surprise increase in January.

The actual national average sale price of a home sold in February was $668,097, down 3.3 per cent from a year ago.