OTTAWA - Canada's largest real estate organization says the housing resale market retreated in January after posting a strong finish for 2011 in December.
The Canadian Real Estate Association says home sales were down 4.5 per cent in January compared with the previous month.
However, January sales were still four per cent above levels in January 2011 and were about even with the five- and 10-year averages for the month.
Meanwhile, CREA says the number of newly listed homes edged down 1.4 per cent from December to January, pushing the market further into balanced territory.
CREA also said the national average home price was up less than two per cent year-over-year in January, ranking it among the smallest increases of the past year.