Kindred condo mississauga . Home sales are slowing but house prices are rising. Canadian real estate prices continued to rise in October, reaching C $607,250, up 15.2% from the same period in 2019, according to the Canadian Association of Realtors.
The three provinces with the fastest rise in house prices are all in Canada. The average house price in Quebec rose 20.27%, Nova Scotia by 19.79%, and Prince Edward Island by 19.58%.
The Canadian real estate market sold 56186 homes in October. Rishi Sondhi, an analyst at TD Bank, one of Canada’s five largest commercial banks, pointed out that Canadian home sales fell 0.7% in October compared with September, suggesting that the pressure to buy homes accumulated under the epidemic has been released; sales in the Canadian real estate market will decline further in the coming months.
At the peak of the epidemic in the spring of 2020, the Canadian real estate sales market was suspended for two months, and the Canadian real estate market has seen hot sales and strong price rises since May.
The outbreak of COVID-19 pneumonia seems to have changed Canadians’ preference for buying homes, from apartment units in big cities to self-contained houses in small and medium-sized cities around big cities. Because COVID-19 pneumonia has brought a significant increase in the number of people who work at home, they do not need to consider the distance of driving to and from work, what they need is more housing space and more backyard space.