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Canadian home sales fall in February, average price down; CREA updates outlook

Canadian home sales fall in February, average price down; CREA updates outlook
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OTTAWA -- The Canadian Real Estate Association says home sales in February fell compared with a year ago and the average selling price also moved lower.

The association says sales last month were down 4.4 per cent compared with February of 2018.

On a month-over-month basis, national home sales in February were down 9.1 per cent compared with January.

The national average price for homes sold in February was $468,350, down 5.2 per cent from the same month in 2018.

Excluding the Greater Vancouver and the Greater Toronto Area, two of the country s most active and expensive markets, the national average price was just under $371,000.

In its updated outlook for the year, the association says it expects home sales in Canada to pull back by 1.6 per cent to 450,400 in 2019, a change that would mark the weakest annual sales since 2010. Sales in 2020 are forecast to gain two per cent to 459,400.
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