Canada February existing home sales -9.1% vs -4.0% expected
February 2019 existing home sales data from CREA
- Prior was +3.6%
- Existing sales at the lowest level since Nov 2012
- Prices -0.1% y/y -- first decline in 10 years
- Non-seasonally adjusted prices -5.2% from Feb 2018
That's a poor number. You can argue that low sales are due to low inventories of house for sale -- and that's actually bullish. I would take the other side of that argument and say that people aren't listing because of price uncertainty.
" February home sales declined across a broad swath of large and smaller Canadian cities. The housing sector is on track to further reduce waning Canadian economic growth. Only time will tell whether successive changes to mortgage regulations went too far, since the impact of policy decisions becomes apparent only well after the fact," sais CREA chief economist Gregory Klump in the release.