Canadian national home sales, supply hold steady

Canadian national home sales and supply were largely unchanged in February as the housing market remained in “balanced territory,” according to the Canadian Real Estate Association (CREA).

Home sales in February inched up  a seasonally adjusted 0.3 percent month over month following five straight months of declines, and were down 9.3 percent year over year, CREA reported.

The uptick in sales came as the number of newly listing homes climbed 0.6 percent month over month, representing a supply that would last 6.4 months at February’s home sales pace, according to CREA.

Amid those changes, home prices increased 5.1 percent year over year in February, up from a 4.8 percent annual gain in January, according to the Aggregate Composite MLS Home Price Index (HPI).

Source: CREA