Union city condos.Canadian real estate transaction volume rebounded sharply. The COVID-19 epidemic in Canada continues to hit the Canadian economy, and the real estate market will remain depressed, but unexpectedly, according to the national June statistics released by the Canadian Real Estate Association CERA, Canadian home sales rebounded sharply in June, much higher than in the same period last year.Please Visit: Union city condos to Get Your VVIP Registration Today!
Property sales in Canada rose 15 per cent in June, transaction prices rose 6.5 per cent, and the number of new homes soared, rebounding to pre-epidemic levels.
After the Canadian economy bottomed out, there was also a rapid recovery in the housing market. New figures released by the Canadian Real Estate Association are in line with previous conclusions from local real estate associations, with nationwide housing transactions and listings continuing to rebound in June.
The national trading volume increased by 63% month-on-month in June, which has returned to the normal level, about 150% more than the “April trough”.
Trading volumes across the country are also showing year-on-year growth, that is, higher than the same period last year. The annual increase in June trading volume in various metropolitan areas was 83.8% in most areas, 75.1% in Montreal, 60.3% in warm areas, 99.7% in the Fraser Valley, and 54.9% in Calgary. Without seasonal adjustment, the country’s actual trading volume increased by 15.2% in June compared with the same period last year.
Throughout the provinces across the country, sales in June this year are basically higher than last year and the year before last.
A total of 212000 new buildings began in Canada in June 2020. In April, new housing starts in Canada hit a low of 164000, down from 211000 in February.
In May, the number of new homes began to rise, reaching 196000. Among them, the province of BC has a relatively stable number of new houses, with 42000 new housing starts in February, 35000 in March, 30, 000 in April and 39000 in May.
The number of new homes on the market climbed 49.5% in June compared with may.
In June 2020, BC province sold a total of 8166 homes. This figure has soared by 81% compared with May, and by 16.9% compared with June 2019, before the outbreak. Not only are sales up, but the average price of a house in BC province is also up.
The average house price in BC province in June 2020 was C $748155, up 9.1% from C $685968 in the same month last year and 2.64% higher than C $728898 in May this year.
Since Ontario gradually lifted restrictions on the COVID-19 epidemic, the market has boomed rapidly. The transaction volume of real estate in June soared 89% from May, with an average transaction price of $930869, up 11.9% from the same period last year.
There are many reasons for the current rebound in volume and prices in the Canadian property market, such as the direct payment of emergency benefits ($2000 per worker per month last year), which makes household income much better than it has shown in the job market.
Not only that, recent interest rates on Canadian mortgages have been particularly low, making the housing market more affordable.
