New condos in vaughan . House prices in Canada rose 15% in October. Sales are the second highest in history. The national average house price hit a new high of 607250 yuan in October, according to the Canadian Real Estate Chamber of Commerce (CREA). 461818 houses changed hands in the first 10 months of this year, up 8.6 percent from the same period last year, the second highest in history after 2016.
The real estate association pointed out that sales in October were slightly less than 0.7% from the record high in September, but still up 32.1% from the same period last year. Home sales rose in Montreal, Quebec, the Fraser Valley, Calgary, and Edmonton, but slowed in the Greater Toronto, Hamilton-Burlington, Ottawa, and greater Vancouver, British Columbia. More than 14000 properties were sold in October, and sales in most of the country’s real estate market were higher than in the same period last year for the fourth month in a row. Sales in some parts of Ontario failed to catch up with the same period last year, all due to a lack of supply.
Costa Poulopoulos, chairman of the Chamber of Commerce, said that many property markets across the country have continued to show historically strong market conditions, which have so far exceeded and exceeded this year’s extremely mediocre spring market. On October 19th, the Chamber of Commerce again proposed a ban on “open tours” (Open House). At present, it is still necessary to observe the impact of tightening epidemic prevention measures on the property market at the end of this year, especially in areas where housing supply has fallen into record lows.
Shaun Cathcart, chief economist at the Chamber of Commerce, said some people waiting for the market to calm down from this summer’s surprisingly strong rebound will have to wait a little longer. Since July, the record-breaking trend of both sales and house prices due to tight supply has continued until October. Statistics show that it is surprising that the sales volume so far this year has caught up with that of last year, let alone the second highest in history. Although the traditional factors supporting the housing market, such as economic growth, employment and confidence, are weak, many families have moved because of the epidemic and lifestyle changes. As a result, the market has added a lot of moves and changes that would not have occurred in the absence of an epidemic.
The number of new listings across the country in October, led by the greater Toronto area, the lowland plains of British Columbia and Ottawa, rose 2.9% to an all-time high in October, but it is still below sales, and market conditions in many areas are still tight. The ratio of national sales to new listings moderated slightly to 74.3%, but remained at the highest level, with a long-term average of 54.1%.
National housing inventory fell to an all-time low of 2.5 months. Inventories in 18 Ontario property markets fell to less than a month at the end of October.
House prices in Quinte and Woodstock-Ingersoll, Ontario, have seen the biggest increases in the country, with more than 25 per cent. Ottawa rose 22.4%, London and St. Thomas also rose 20.6%. Barry, Hamilton, Niagara and Cambridge grew by 15 to 20 per cent. The greater Toronto area and Mississippi Saga also rose by 10 to 15 per cent. British Columbia Greater Vancouver and the Fraser River Valley rose 5 to 10%. Victoria and other towns on Vancouver Island rose by less than 4%.
