Canadian home sales and prices have drastically increased, setting new records in September.
Between August and September, home sales edged up a further 0.9%, setting “the new all-time monthly record.”
The report says that increases in Ottawa, Greater Vancouver, Vancouver Island, Calgary, and Hamilton-Burlington sales were mostly offset by declines in the Greater Toronto Area (GTA) and Montreal.
However, activity in the two largest Canadian markets “is still historically very strong.”
The actual national average home price is now $604,000, up 17.5% from the same month last year.
CREA says if you exclude sales in the country’s two most active and expensive markets, Greater Vancouver and the Greater Toronto Area, the national average price declines to about $125,000.
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“Many Canadian housing markets are continuing to see historically strong levels of activity as we enter into the fall market of this very strange year,” said Costa Poulopoulos, Chair of CREA.
“Along with historic supply shortages in a number of regions, fierce competition among buyers has been putting upward pressure on home prices. Much of that was pent-up demand from the spring that came forward as our economies opened back up over the summer. With second wave worries growing, we will remain vigilant in adhering to government and health officials’ directives to keep our clients safe.”
Prices were up in the 10-15% range compared to last September in the GTA, Oakville-Milton, Kawartha Lakes, Kitchener-Waterloo, Mississauga, Northumberland Hills, Peterborough and the Kawarthas, and Greater Moncton.
Meanwhile, year-over-year price gains were around 5% in Greater Vancouver, the Fraser Valley, the Okanagan Valley, Regina, Saskatoon, and Quebec City.
Gains were about half that in Victoria and elsewhere on Vancouver Island as well as in St. John’s, and prices remained relatively the same in Calgary and Edmonton.
While Toronto and Vancouver might feel like the place to be, other parts of Canada offer more affordable options for those looking to enter the market.