02/28/2023
Canadian home sales fell 3% (sa m/m) in January, while listings moved in the opposite direction, rising by 3.3%, recovering only half of last month's decline. This pullback in sales combined with the increase in listings eased the sales-to-new listings ratio, an indicator of how tight the market is, to 50.7%, pushing the national housing market further into balanced territory. Months of inventory continued to climb up from record lows, reaching 4.3 months—a significant improvement from its all-time low of 1.7 months in early 2022, but still a full month below its long-term average.
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