Canadian homes sales jump 27% year-over-year in February, prices up 15%

The Canadian Real Estate Association says home sales in February were up sharply compared with February 2019 when sales hit a decade-low for the month.

The association says sales for the month were up 26.9 per cent compared with the same month last year.

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On a month-over-month basis, sales in February were up 5.9 per cent, boosted by a 15 per cent jump in the Greater Toronto Area.

The number of newly listed homes rose 7.3 per cent in February compared with January.

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The increase in the number of sales came as the national average price for homes sold last month rose 15.2 per cent compared with a year ago to $540,000.

Excluding the Greater Vancouver and Greater Toronto Area, the national average price was about $410,000, up 10.5 per cent.