Union City Condos prices . Is the Canadian property market hot? The average price of resale homes in Canada in June was C $539000, up 6.5 per cent from a year earlier. Compared with May, home sales rebounded 63% in June, 150% higher than in April. Home sales in April, affected by the epidemic, were once deeply frozen.
These figures are mainly driven by sales in Greater Vancouver and Greater Toronto, Canada’s two most active and expensive housing markets.
July was a record month for real estate sales in Toronto, with more than 11000 homes changing hands. The Toronto area Real Estate Board said the average price of low-rise houses also rose 16.9%, with houses outside the city center being the most popular.
As of August, residential sales in the region totaled 3047 in August 2020, according to a report released by the Greater Vancouver Real Estate Bureau (REBGV). This is an increase of 36.6 per cent from 2231 in August 2019. Of these, sales of detached houses reached 877 in August, up 71.6% from 511 in the same month in 2019.
In the early days of the Canadian outbreak, economists had expected the property market to recover in about 18 months, but surprisingly, the Canadian property market went from a complete shutdown to normal trading in just three months.