Canada December existing home sales +7.2 m/m vs +6.0% expected


content provided with permission by FXStreetRead full post at forexlive.com

Canada existing home sales data

existing home sales
  • Prior -1.6%
  • Activity up 47.2% y/y
  • Prices +1.5% m/m and +13% y/y

“It’s official, despite all the challenges, 2020 was a record year for
Canadian resale housing activity,” stated Costa Poulopoulos, Chair of
CREA.

“The stat to watch in 2021 will be new listings, particularly in the
spring – how many existing owners will put their homes up for sale?”
said Shaun Cathcart, CREA’s Senior Economist. “We already have
record-setting sales, but we know demand is much stronger than those
numbers suggest because we see can see it impacting prices. On New
Year’s Day there were fewer than 100,000 residential listings on all
Canadian MLS® Systems, the lowest ever based on records going back three
decades. Compare that to five years ago, when there was a quarter of a
million listings available for sale.

The power of low interest rates is on full display.

For bank trade ideas, check out eFX Plus