CREA: Fewer Home Sales in February 2013

Fewer Homes SellingOn Friday, the Canadian Real Estate Association (CREA) modified its forecast for home sales in 2013 and 2014.

The change follows a 16% drop in February 2013 as compared to 2012.  About 4% of this difference can be attributed to February’s being one day shorter this year than last year, but the trend is still down.

Overall in 2013, CREA predicts a 2.9% decline from 454,573 home sales in 2012, to 441,500 in 2013.

Home prices, meanwhile, remain relatively flat with only about a one per cent change in average sale price, now at $368,895.

Selling a home in 2013?

What this means for Canadians planning to sell their homes in 2013 is that homes may take longer to sell.  However, it also indicates that a drastic cut in the listing price may not be necessary.

If you’re thinking of selling your home this year, be sure to read our tips on selling in a buyer’s market.

Then pay us a visit at ComFree.com.

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Sources: www.crea.ca, CBC.ca

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