February Canadian existing home sales

  • Prior was -14.5% (there was no consensus estimate)
  • Down 16.9% in February year-over-year
  • Lowest sales reading in nearly 5 years
  • Home sales price index +6.9% y/y
  • Full report

The Canadian dollar was rattled by this report and is taking a look at 1.30.

On thing to note is that new mortgage rules took effect in January and that sparked a rush to buy houses late last year and now we're getting the flip side of that. There probably isn't any reason to worry...yet.