TEK Condos. The interest rate fell again to 4.79%! In 2020, the global economy was affected by the epidemic, while the stock and housing markets were also affected, and house prices in many countries fluctuated.Please Visit: TEK Condos to Get Your VVIP Registration Today!
We have analyzed the trend of the real estate market in many countries before. Today we will talk about the real estate market in Canada. The Canadian Real Estate Association (CREA) recently released a new real estate report, which shows that home sales across Canada broke the monthly record in July, and average home prices rose 14% from the same period last year. At the same time, the Bank of Canada applied for mortgage eligibility for the third time, with an interest rate of 4.79%!
Property sales in Canada were 26% higher in July than in June, according to the report. It can be regarded as a sign that the housing market has completely picked up since the epidemic. Shaun Cathcart, chief economist of CREA, said that since the outbreak, home sales in April hit an all-time low, while in the past three months, with the relaxation of various government epidemic prevention measures, national home sales increased sharply in July (to 62355 units), setting a monthly sales record in Canada for more than 40 years.
Sales in July increased by 30.5% over the same period last year and 26% over June. According to CREA, sales in the Greater Toronto area increased by 49.5%; the Greater Vancouver area grew by 43.9%; Montreal grew by 39.1%; and the Fraser Valley increased by 36.6%.
The average price of housing transactions across the country also reached a record C $571500 in July, up 14.3 per cent from the same month last year, CREA said.
In terms of province, house prices in Ontario rose 18.07% in July (compared with the same period last year), ranking second in the increase. Quebec has the largest increase in house prices, reaching 19.03%.
Although Canadian provinces have basically entered the final stage of restart, there are still many uncontrollable factors in the epidemic, and the total number of houses listed for sale in the Canadian market has fallen to the lowest level in 16 years. As the epidemic situation of COVID-19 is gradually stabilizing, many houses are just ready to be listed, but also because of the epidemic, there are still many homeowners who do not intend to list for the time being.