But prices drop for the 12th straight month, according to CREA’s index
National home prices fell in February for the 12th straight month, but sales rose modestly in a potential sign that would-be buyers have have started adjusting to the higher borrowing costs.
The volume of sales rose 2.3 per cent from January to February, the largest monthly gain since the Bank of Canada started hiking interest rates early last year. As mortgages became more expensive, many buyers no longer qualified for a large enough loan to buy a home. Other buyers and sellers had been waiting for a sign that the central bank would stop raising interest rates.
Ms. Beaulac said more buyers are coming out every week. Yet at the same time, homeowners are reluctant to sell, which has driven the number of new listings in London down by 24 per cent from January to February, according to CREA data. Ms. Beaulac said some properties in London are drawing multiple offers again. However, the offers are coming in with conditions and are rarely over the asking price.
CREA senior economist Shaun Cathcart said there were similarities between this year and 2019 when the country’s housing market rebounded after a slowdown related to stricter mortgage rules. He said there were “modest green shoots,” including the increase in sales, dwindling inventory and the fact that the monthly price declines had shrunk.
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