Canada’s major market home sales in January via the Multiple Listing Service totaled 24,046 units on a seasonally adjusted basis, down from 25,024 units in December, according to the Canadian Real Estate Association

However, seasonally adjusted new listings amounted to 37,763 units in January, up 3.6 percent from the same month last year.

Despite the increase in new listings, the number of homes for sale remains in short supply in many markets. Reflecting the continuation of a short supply of new listings, the major market MLS residential average price of $227,416 rose 10.4 percent year-over-year.

According to Pierre Beauchamp, CREA’s chief executive officer, “Housing demand continues to run strongly. Full-time job growth has been phenomenal in recent months, with strong increases in the number of jobs in first-time and move-up home buyer age groups.”

“Moreover, the Conference Board of Canada reports that consumer confidence rose in January and surpassed levels recorded last year. A high level of consumer confidence, recent cuts to mortgage interest rates and an increase in employment bodes well for housing demand in the months ahead,” Beauchamp said.

The Canadian Real Estate Association represents the interests of more than 69,000 licensed and registered real estate practitioners in 103 local real estate boards, 10 provincial associations and one territorial association.

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