Canadian home prices that have fallen nearly 19% in the past year appeared to be flattening in February as home sales surged, leading analysts to express cautious optimism that the market has reached a turning point.
According to the Canadian Real Estate Association's (CREA) latest report, there was a 2.3% rise in home sales in Canada from January to February 2023, the largest monthly surge since March 2022, with the greatest gains recorded in the markets with the strongest demand, Greater Toronto (GTA) and Greater Vancouver.
Home prices ticked down 1.1% nationally in Canada in February, the smallest monthly drop since March of 2022, when a series of eight consecutive rate increases by the Bank of Canada began pulling housing prices down from their peak in February 2022.
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