A home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick

A home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick

January home sales hit new record for the month as prices also post record high

National average price of homes up 22.8 per cent

OTTAWA — The Canadian Real Estate Association says home sales in January hit a new record high for the month as prices also set a new high water mark.

The association says January sales were up 35.2 per cent compared with a year earlier.

Sales for the first month of the year were also up 2.0 per cent compared with December.

The increase came as the national sales-to-new listings ratio rose to 90.7 per cent – the highest level on record. The previous monthly record was 81.5 per cent set 19 years ago.

The actual national average price of a home sold in January was a record $621,525, up 22.8 per cent from the same month last year.

CREA says excluding Greater Vancouver and the Greater Toronto Area, two of the country’s most active and expensive markets, cuts $129,000 from the national average price.

This report by The Canadian Press was first published Feb. 16, 2021.

Canadahome sales