Account Login/Registration

Access VictoriaNow using your Facebook account, or by entering your information below.


Facebook


OR


Register

Privacy Policy

Yet another record month for house sales as average price punches past $600K

Canada’s housing market continues to get even hotter as home sales set a new record in September, according to the Canadian Real Estate Association (CREA).

The national average house price also set a new record, rising to $604,000 – up 17.5% on last year and up from $586,000 in August.

This all comes despite Canada suffering from one of the worst recessions in its history as the world struggles with the COVID-19 pandemic.

Home sales in September rose 0.9% month-over-month, with actual activity up 45.6% year-over-year.

<who> Photo credit: CREA </who> BC's price index.

The number of newly listed properties, however, declined by 10.2% from August to September.

Gains in prices and sales were particularly strong in Ottawa, Vancouver, Vancouver Island and Calgary.

Toronto and Montreal, meanwhile, saw declines.

Overall, about 60% of markets in the country recorded gains, CREA explained.

<who> Photo credit: CREA </who>

So far in 2020, over 400,000 homes have traded hands through MLS Systems.

"Many Canadian housing markets are continuing to see historically strong levels of activity as we enter into the fall market of this very strange year," said Costa Poulopoulos, head of CREA.

"Along with historic supply shortages in a number of regions, fierce competition among buyers has been putting upward pressure on home prices. Much of that was pent-up demand from the spring that came forward as our economies opened back up over the summer.”

<who> Photo credit: File

Shaun Cathcart, CREA’s senior economist, said the COVID-19 disaster is playing a role in the market's surge.

“[A] wildcard factor to consider, which has no historical precedent, is the value of one’s home during this time,” he explained.

“Home has been our workplace, our kids’ schools, the gym, the park and more. Personal space is more important than ever.”



Visit our Facebook page to comment on this story.

Sign up for local eNews delivered to your inbox by 7 am every day.

Send your comments, news tips, letter to the editor, photos and videos to [email protected].

To report a typo, send an email to [email protected].





Fri
13℃


Sat
11℃


Sun
13℃


Mon
11℃


Tue
12℃


Wed
14℃

Top Stories

Follow Us

Follow us on Instagram Follow us on Twitter Like us on Facebook