Key insights
- Canadian home sales declined for the second consecutive month in February, falling 1.3% from January, with prices also continuing their downward trend. While primarily a Canadian issue, a weakening Canadian economy, particularly in housing, could have a slight negative impact on US equities due to interconnectedness and potential spillover effects, especially for companies with significant Canadian exposure.
Investing.com -- Canadian home sales fell 1.3% in February from January, marking the second consecutive monthly decline, according to data released Wednesday by the Canadian Real Estate Association. Home prices also continued their downward trend that began earlier this year.
The industry group’s Home Price Index dropped 0.6% on a monthly basis and declined 4.8% year-over-year. Sales were down 8.1% on an annual basis without seasonal adjustment, following a 5.8% decline in January.
Newly listed properties fell 3.9% month-over-month in February. The sales-to-new listings ratio slightly narrowed to 47.6% from 46.4% in January, remaining well below the long-term average.
Despite the overall decline, the Canadian Real Estate Association noted some signs of increased activity toward the end of February.
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