February 2021: Sellers’ market leads to rising prices.
With gains in every price range, residential sales activity in February totalled 1,836 units. This reflects the best February since 2014.
Sales activity improved across all product types and across all price ranges.
“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.
“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”
New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.
The following data is a...