Resale home numbers up in February: real estate association

The number of resale homes sold through agents who use the multiple listing system rose 8.6 per cent above seasonally adjusted levels for January, the Canadian Real Estate Association (CREA) reported Monday.

The seasonally adjusted residential MLS sales figure rose to 28,669 homes, marking the first monthly increase in activity since September of last year.

Monthly seasonal increases were the largest in British Columbia, with a rise of 14.4 per cent, followed by Nova Scotia at 12.7 per cent and Alberta at 11.9 per cent. Ontario and Quebec saw increases on par with the national average.

"Typically, the spring market we're moving into generates more activity," said CREA president Calvin Lindberg. "And this year, there are the benefits from historically low mortgage rates and improved affordability in most markets."

The national average price for homes sold through MLS was $281,972 in February, 9.2 per cent below the price a year earlier. However, this is smaller than year-over-year declines seen over the past four months.

MLS is a co-operative marketing system used only by Canada’s real estate boards. CREA represents more than 98,000 realtors.