Housing Shortage Pushes Prices to a Record High in January

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With housing inventory still at historic lows, home prices surged to a fresh record high in January.

The average selling price in January reached $748,450, which is 1% higher from December and 21% higher compared to a year ago, according to data from the Canadian Real Estate Association (CREA).

Compared to pre-pandemic levels in January 2020, the MLS Home Price Index is now up a whopping 46.5%.

Home sales were up slightly from a month ago at 55,043 sales, though that’s down nearly 11% from year-ago levels.

CREA says a lack of new inventory is continuing to put upward pressure on prices.

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Original Article Source Credits: CANADIAN MORTGAGE TRENDS, https://www.canadianmortgagetrends.com

Article Written By: Steve Huebl

Original Article Posted on: February 15, 2022

Link to Original Article: https://www.canadianmortgagetrends.com/2022/02/housing-shortage-pushes-prices-to-a-record-high-in-january