February home sales rise as buyers scoop up first of the 2022 spring listings

calendarApril 7, 2022

peopleThe Mortgage Advisors

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Statistics released by the Canadian Real Estate Association (CREA) show national home sales were up in February 2022 as buyers jumped on the first batch of spring listings.

Home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February 2022. The monthly increase in activity was likely the result of a rebound in new listings in February following big a decline in January. As such, stronger activity may persist as late-February new listings continue to sell in March.

Sales were up in about 60% of local markets in February, led by some big jumps in Calgary and Edmonton, as well as a gain ahead of the national increase in the GTA.

The actual (not seasonally adjusted) number of transactions in February 2022 came in 8.2% below the monthly record set in 2021. That said, as was the case in January and throughout the second half of 2021, it was still the second-highest level on record for that month.

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