AGENT LICENSE ID
11031
BROKERAGE LICENSE ID
11031
Verico Equity Plus Mortgages Inc.
Mortgage Brokerage
Office:
Phone:
Email:
Address:
13340 Lanoue St., Tecumseh, Ontario, N8N 5E1
NBC Housing Market Monitor: Uncertainty weighs on home sales in January
2/21/2025
Summary
- Home sales decreased by 3.3% between December and January, the second monthly contraction in a row, which can be explained by a slowdown in transactions in the last week of January.
- On the supply side, new listings surged by 11.0% compared to December, the first increase in four months and the biggest jump since February 2022 (rebound following Omicron wave).
- Active listings jumped by 4.2% from December to January, the second monthly advance in a row. Combined with the decrease in sales, the number of months of inventory (active listings-to-sales) increased for the second consecutive month, moving from 3.9 in December to 4.2 in January.
- Market conditions loosened during the month but remained tighter than their historical average in most provinces, while they remained balanced in B.C. and were in “favourable to buyers” territory in Ontario.
- Housing starts increased by 3% (+7.2K) in January to 239.7K (seasonally adjusted and annualized), a print below the median economist forecast calling for 252.5K units. The monthly gain was driven by an increase in both urban (+5.6K to 220.6K) and rural (+1.7K to 19.1K) starts. Starts were up in Montreal (+17.8K to 31.4K), Toronto (+17.2K to 29.1K), and Calgary (+0.4K to 21.4K), while they were down in Vancouver (-4.1K to 25.0K) from December to January. On a provincial basis, starts were up the most in Quebec (+16.6K to 58.4K), Nova Scotia (+2.8K to 8.2K), Alberta (+1.4K to 44.8K), and P.E.I. (+1.2K to 2.5K), while they saw the biggest decrease in Ontario (-6.4K to 57.0K), B.C. (-6.5K to 39.0K) and New Brunswick (-3.1K to 1.7K).
- The Teranet–National Bank Composite National House Price Index remained stable from December to January after seasonal adjustment. Seven of the 11 markets in the composite index rose during the month: Quebec City (+3.2%), Halifax (+0.9%), Calgary (+0.8%), Ottawa-Gatineau (+0.6%), Victoria (+0.6%), Edmonton (+0.6%) and Montreal (+0.4%). Conversely, prices fell in Winnipeg (-1.5%), Hamilton (-1.4%) and Vancouver (-0.6%), while they remained stable in Toronto.
