The Canadian Real Estate Association says February home sales jumped 19.7 per cent compared with a year ago in what could mark the "last relatively uneventful month of the year."
Sentiment appears to be improving in major real estate markets across the country, with most reporting an increase in sales activity in February.
Canadian existing home sales reached their lowest level in 15 years in 2023, although the year did end on a high note with a December "bounce" in activity.
Home sales surged in most of Canada's large metro areas in December, despite total 2023 sales being well down from 2022.
Both home prices and sales continued to trend downward in November as high interest rates continue to keep many prospective buyers on the sidelines.
The slowdown in housing activity across the country continued in November, but so far there aren't signs of widespread distressed selling, figures show.
Weakness in Canada's housing markets is now spreading beyond the major markets of Vancouver and Toronto, the latest data reveal.
Higher interest rates are continuing to exert downward pressure on both home sales and prices, according to real estate boards in the country's largest markets.
CIBC was recently fined over $3.4 million by British Columbia's consumer protection agency, Consumer Protection BC, due to violations related to mortgage discharge documentation.
Despite a rise in average home prices earlier in the year, strong income gains were enough to improve affordability in the second quarter, albeit only slightly.