The Canadian Real Estate Association says homes sales in February dropped 40 per cent compared with a year ago.
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The association says February sales were comparable to what was recorded during the same month in 2018 and 2019, before the COVID-19 pandemic.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
“But to repeat the bottom line from last month, we won’t know what the 2023 market has in store until the spring,” she said in a statement. “While we’re not seeing it in the sales or listings data just yet, I would expect homeowners are getting properties ready for the market and prospective buyers are getting mortgage pre-approvals.”
Shaun Cathcart, the association’s senior economist, said similarities between 2023 and 2019 continued to emerge in February, with sales up, the market tightening, and month-over-month price declines getting smaller.
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