Home sales in February dropped 40 per cent compared to the same month last year, according to a report released Wednesday by the Canadian Real Estate Association (CREA).

That decline comes despite the fact national home sales in February rose 2.3 per cent compared to January.

Housing supply fell, with the number of newly listed properties down 7.9 per cent from January.

The average price of a Canadian home sold in February was $662,437, an 18.9 per cent decrease from the same period last year — though about $50,000 more than in January, due to sales upticks in the Greater Toronto Area and Greater Vancouver.

In January, home sales were the lowest for the month since 2009.

More to come.

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