ArtWalk Condos . Property prices rose 17% to 607000. Residential sales in the country rose 47 per cent year-on-year in December, with average prices rising 17 per cent, according to a report by the Canadian Real Estate Association. In 2020, home sales also set a new record.Please Visit: ArtWalk Condos to Get Your VVIP Registration Today!
The Canadian Real Estate Association (CREA) released last month’s home sales figures on Friday, showing that national home sales in December 2020 were 47.2% higher than in December 2019, the biggest year-on-year increase in monthly sales in 11 years.
Sales also rose 7.2 per cent in December compared with November, the sixth consecutive month of year-on-year growth, after the key housing sales season stagnated from March to May due to a blockade of the epidemic.
Douglas Porter, chief economist at Mandike Bank, said the strong sales momentum showed that the housing market was driven by a wide range of overall factors rather than local economic factors. Specifically, last year’s interest rate cuts and pandemic-driven upgrades boosted the market as a whole.
According to CREA, a total of 551392 homes were sold nationwide in 2020, an increase of 12.6% over 2019 and a new annual record.
As for housing prices, the national average house price reached a record 607280 yuan in December 2020, up 17.1% from the last month of 2019. CREA said that excluding the two most active and expensive markets in Greater Vancouver and Greater Toronto, the national average house price fell by about 130000 yuan.
The biggest increases in home prices last month were in Ontario, including Belleville, Simcoe, Ingersoll, Woodstock and Lakelands, where prices are more than 30 per cent higher than in December 2019.
CREA Chief Economist Shaun Cathcart said in a statement that fewer than 100000 homes were listed for sale nationwide in 2021, the lowest level in 30 years on record for the CREA system. In the same period five years ago, about 250000 homes were listed for sale.
Demand for housing is at an all-time high and supply is at an all-time low, so the near-term direction of the market will depend on the number of homes listed in the coming months, he said.