JN Fund Managers’ Weekly Market Update February 10-14, 2020
Canada Monthly Home Sales Declined by 2.9% in January 2020
The Canadian Real Estate Association (CREA) reported that national home sales declined by 2.9% in January 2020. This decline
represents two consecutive months of reduction in home sales as there was a reported 0.4% decline in December 2019. However,
January’s reading remains among the stronger monthly readings over the last few years. Actual sales activity for January 2020
was up 0.2% over December 2019 and 11.5% higher than the January 2019 reading. The average price for homes sold declined by
2.3% month over month in January 2020 but was 11.2% higher than the January 2019 reading.
Home sales fell in January due to varying weather conditions in different parts of the country. It is however anticipated that housing
demand will pick up throughout the year which should offset the weakness in other parts of the Canadian economy and positively
contribute to the Country’s economic growth.
