The year may still be well over a month from done, but Canada’s home sales have already broken the annual record.
The Canadian Real Estate Association (CREA) released its monthly national home sales statistics on Monday, revealing that Canada’s sales have already surpassed those of 2020 — the previous record holder for the most sales in one year.
“Twenty-twenty-one continues to surprise,” said CREA’s Senior Economist Shaun Cathcart. “Sales beat last year’s annual record by about Thanksgiving weekend, so that was always a lock, but I don’t think too many observers would have guessed the monthly trend would be moving up again heading into 2022.”
According to the report, the number of newly listed homes across Canada rose 3.2% from September to October. The sales-to-new listings ratio also rose, up to 79.5% from September’s 75.5%, illustrating an ongoing tightening of the market.
“A month with more new listings is what allows for more sales because those listings are mostly all still getting gobbled up; however, with demand that strong, the supply of homes for sale at any given point in time continues to shrink,” Cathcart said. “It is at its lowest point on record right now, which is why it’s not surprising prices are also re-accelerating. We need to build more housing.”
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Significant price growth has been seen all across the country. Year-over-year price growth in BC is up above 20%, and in Ontario, it’s closing in on a whopping 30%. In Quebec, Greater Montreal’s year-over-year prices are up over 20%, and Quebec City’s are up 13$.
Alberta and Saskatchewan’s growth is slightly smaller, sitting in the mid-to-high single digits. Meanwhile, Manitoba’s is up roughly 10%.