UnionCity Condos markham.House prices increased by 14% in July compared with the same period last year. Remember CMHC’s pessimistic forecast a few months ago?Please Visit: UnionCity Condos markham to Get Your VVIP Registration Today!
In May, the Canadian Housing and Mortgage Corporation said house prices in Canada would fall by as much as 18% over the next two years. But instead of falling as CMHC predicted, house prices rose in May and June. Watching this again and again the data are “hit in the face” ah!
However, the July data “hit the face” even harder! The epidemic continues, but Canadian real estate sales continue to rise! According to Nanchang overseas students Cloud, just today, CBC news, the latest data released by the Canadian Real Estate Association, Canadian house prices rose 14% in July compared with the same period last year! Created the biggest increase since 2017!
A total of 62355 residential units were sold in Canada in July 2020, the Canadian Real Estate Association (The Canadian Real Estate Association,CREA) said Monday.
Such sales are the highest monthly sales in July on record in Canada, where data can be traced back to more than 40 years ago.
It is understood that data show that sales in July increased by 30.5% over the same period last year and 26% over June. According to CREA, sales in the Greater Toronto area increased by 49.5%; the Greater Vancouver area grew by 43.9%; Montreal grew by 39.1%; and the Fraser Valley increased by 36.6%.
Not only that, according to CREA, the national average price of housing transactions reached a record C $571500 in July, an increase of 14.3 per cent over the same month last year.
The average price of housing across the country is largely affected by the Greater Vancouver area and the Greater Toronto area, two of Canada’s most active and expensive markets. If these two markets are excluded from the calculation, the national average house price will fall by about C $117000.
In addition, inventory levels have fallen to their lowest level in 16 years. Mainly because of the COVID-19 epidemic, many properties are not listed on the market, resulting in a shortage of housing on the market.