Provincial sales activity jumped more than 11 percent compared to last year for a total of 3,561 units. Sales activity remains well below longer term trends but is consistent with the lower levels of activity recorded over the last five years.
Although the increase of sales activity is a welcome news for home sellers and Realtors looking for any signs of strong recovery of the real estate market, things must be kept in perspective as last February’s sales were the lowest recorded since the late 90’s.
Increase in market inventory has buffered the shift from a strong buyers market to a more balanced market. Activity and market conditions do vary significantly across the province and also on neighborhood level.
While the province continues to face several economic challenges, housing market in the larger cities generally supporting modest reductions in supply relative to demand, which is starting to generate more stability in prices.