Home sales in the Greater Toronto Area are up nearly 50 per cent year-over-year, according to the Canadian Real Estate Association
The Canadian Real Estate Association says the residential market set a new sales record in July 2020.
The development comes amid the ongoing COVID-19 pandemic.
The CREA reported that Canadian home sales last month “posted the highest level of any month in history.”
New listings of homes for sale also hit the “highest level on record for the month of July.”
In a housing market update released on Monday, August 17, the association noted that Canadian home sales increased 26 per cent in July 2020 over June.
July 2020 sales also rose 30.5 per cent year-over-year.
In the media release, the CREA cited sale increases of 49.5 percent in the Greater Toronto Area; 43.9 per cent, Greater Vancouver; 39.1 per cent, Montreal; and 36.6 per cent, Fraser Valley.
Other markets: 31.8 per cent, Hamilton-Burlington; 28.7 per cent, Ottawa; 16.9 per cent, London and St. Thomas; 15.7 per cent, Calgary; 12.1 per cent, Winnipeg; 9.7 per cent, Edmonton; and 5.4 per cent in Quebec.
The actual national average price for homes sold in July 2020 reached $571,500, a 14.3 per cent from the same month last year.
The CREA report follows a Toronto Regional Real Estate board report that noted a 16.9 per cent year-over-year increase to $943,710 in the average home price. The number was 5.5 per cent higher than the previous record from last month.
The Canadian home market dipped in April 2020 because of the COVID-19 pandemic.
CREA chair Costa Poulopoulos stated in the media release that realtors and their clients are “making up for lost time.”
According to the association’s senior economist, Shaun Cathcart, April had “some of the lowest housing numbers ever.”
“A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year,” Cathcart said.
“There were just 2.8 months of inventory on a national basis at the end of July 2020 – the lowest reading on record for this measure,” the associated noted.
The number of newly listed properties climbed 7.6 per cent from June to July.
Meanwhile, the benchmark price of a typical home rose 2.3 per cent in July compared to June.
The same price also posted a year-over-year increase of 7.4 per cent.
This story originally appeared in the Georgia Straight.