According to the Canadian Real Estate Association, this year has been the busiest for home sales in history. Last month, the average selling price of a resale home in Canada was $720,850, surpassing the all-time high set in March.
The Canadian Real Estate Association mentioned that sales volume was also robust, up 0.6 percent over the previous month’s level. Housing market activity typically rises in the spring, then declines through the summer and fall, falling even more in the winter before returning.
However, sales for the year have already surpassed the past year’s record with one month to go in 2021, bucking the pattern. In the year, more than 630,634 homes have been sold using CREA’s MLS system, far above the previous high of 552,423 established in 2020.
“Conditions and pricing trends are at the same record levels we experienced this spring, even at what is normally the slowest time of year for housing,” CREA chair Cliff Stevenson said.
The Canadian Real Estate Association (CREA) , that represents over 100,000 realtors across the province, claims that the average selling price number is inaccurate because it is readily affected by transactions in big, expensive areas like Toronto and Vancouver. As a result, it calculates a different statistic, known as the Multiple Listing Service House Price Index or HPI, which accounts for sales volume and property type to provide a more accurate picture of the market.
Source: CBC News