Despite pandemic Canadian home sales continue to soar

Published September 16, 2020 at 12:26 am

Canadian home sales and new listings continued to climb in August.

Canadian home sales and new listings continued to climb in August.

According to statistics from the Canadian Real Estate Association (CREA), home sales increased by 6.2 per cent in August on a month-over-month basis while the number of new listings rose 10.6 per cent from July to August.

Meanwhile, the national average sale price increased by 18.5 per cent on a year-over-year basis.

While activity in June and July was up across the country, sales in August increased by 60 per cent in local markets, including the GTA.

“It has been a record-setting summer in many housing markets across Canada as realtors and their clients play catch up following the loss of so much of the 2020 spring market,” Costa Poulopoulos, chair of the CREA, said in a news release.

“Many markets dealing with inventory shortages have been seeing fierce competition among buyers this summer; although, that was something that had been anticipated for 2020 prior to COVID-19. It really does seem that the spring market shifted into the summer.”

So far during 2020, an estimated 341,463 homes have traded hands over Canadian multiple listing service Systems, which is an increase of 0.8 per cent from the first eight months of 2019.

“As conditions evolve into fall, we continue to make sure clients stay safe by complying with government and health officials’ directives and advice, including using technology to show properties virtually and to complete required forms and contracts. Now as always, realtors remain the best source for information and guidance when negotiating the sale or purchase of a home,” he added.

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