Condo for sale in scarborough town centre . Home sales are down 0.7%! Sales in the Canadian real estate market have remained at a high level, while house prices have broken the record set in October.
According to a recent report by the Canadian Real Estate Association (CREA), home sales continued to be “at an all-time high” in October. Although it is down 0.7% from the historical record in September, it is still up 32.1% from the same period last year.
In terms of sales prices, the national average selling price increased by 15.2% in October compared with the same period last year, setting a new record. Now, the average house price across the country is 607250 yuan. However, excluding the two largest markets, Greater Vancouver and Greater Toronto, the national average house price is 127000 yuan.
The number of newly listed homes also increased, up 2.9% from September. The increase in the number of listed sales is mainly due to the Greater Toronto area, the Plains of British Columbia and the Ottawa area. Newly listed properties also set a new record for October.
Sales have increased in larger markets such as Montreal, the Fraser Valley, Calgary and Edmonton. By contrast, sales fell in the Greater Toronto area, Hamilton-Burlington, Ottawa and Greater Vancouver.
Sales in almost all Canadian real estate markets increased for the fourth month in a row, compared with the same month in 2019. The Canadian Real Estate Association pointed out that in a few markets that declined year-on-year, several markets in Ontario were due to a decline in housing supply.
Costa Poulopoulos, president of the Canadian Real Estate Association, said in the report: “many Canadian real estate markets continue to be highly active. The current situation has made up for the sales gap created by the cold market this spring. “
“as you may have heard, since October 19, the Canadian Real Estate Association has once again opposed ‘face-to-face’ housing,” he said. Now we need to wait and see what impact stricter security measures will have on the property market. “