Home resales continue to slip in January

Existing home sales dipped three percent from December to January, continuing “the mild downward trend observed since last summer,” according to the latest from the Canadian Real Estate Association. Some gains were made in Hamilton-Burlington and Quebec City, but these were more than offset by declines in Greater Vancouver, Vancouver Island, Calgary, Edmonton, and Montreal.

The actual (not seasonally adjusted) number of transactions in January 2023 came in 37.1 percent below January 2022, which was the second-best January ever, says CREA. The January 2023 sales figure was the lowest for that month since 2009.