Canadian home sales drop for 5th straight month

National Canadian home sales fell for the fifth straight month in January as a stretch of unusually cold weather brought on by a “polar vortex” hampered homebuyer activity, The Canadian Real Estate Association (CREA) reported.

The number of homes purchased in January fell 3.3 percent compared to December, but purchases were up 0.4 percent year over year, according to CREA.

“A number of buyers likely waited out January’s deep freeze before going house hunting, particularly where I’m from in Southern Ontario,” said CREA President Laura Leyser. “It’s a perfect example of how a local influence that may not be shared by other markets can factor into national sales activity.”

CREA also reported that the average Canadian home sale price posted an annual gain of 9.5 percent, as the number of newly listed homes edged up 0.2 percent.

Source: CREA