Connect with us

News Report

More homes were sold in Canada in July than in any month in history – Financial Post

WebSite Design  404-590-1763

Financial

More homes were sold in Canada in July than in any month in history – Financial Post

Sales soared 26% from month before, prices up 2.3%Author of the article:Bloomberg NewsChris Fournier and Erik HertzbergPublishing date:Aug 17, 2020  •   •  1 minute readTransactions for existing properties reached 62,355 in July, up 26 per cent from a month earlier, the Canadian Real Estate Association reported. National PostArticle contentCanadian home sales surged to a record…

More homes were sold in Canada in July than in any month in history – Financial Post

Sales soared 26% from month before, prices up 2.3%

Author of the article:

Bloomberg News

Bloomberg News

Chris Fournier and Erik Hertzberg

Publishing date:

Aug 17, 2020  •   •  1 minute read

Transactions for existing properties reached 62,355 in July, up 26 per cent from a month earlier, the Canadian Real Estate Association reported. National Post

Article content

Canadian home sales surged to a record in July as homebuyers emerged from lockdowns.

Real Life. Real News. Real Voices

Help us tell more of the stories that matter

Become a founding member

Transactions for existing properties reached 62,355 in the month, up 26 per cent from a month earlier, the Canadian Real Estate Association reported. Benchmark prices were 2.3 per cent higher on the month, as pent-up demand for homes collided with extremely low inventory levels.

“What a difference three months makes, from some of the lowest housing numbers ever back in April to the multiple monthly records logged in July,” said Shaun Cathcart, CREA’s senior economist. “A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year.

Canada’s economy is emerging from the steepest downturn since the Great Depression, fuelling a renewed housing boom. Housing starts hit a two-year high last month, while the latest confidence readings show optimism about prices is rebounding.

In Toronto, the country’s largest market, sales of existing properties jumped 50 per cent in July compared to June, and were up 29 per cent with the same month a year ago, CREA reported. Vancouver sales increased 44 per cent on the month and 24 per cent from July 2019. Average prices in Toronto were 5.5 per cent higher on the month, and up 1.5 per cent in Vancouver.

There were just 2.8 months of inventory nationwide, the lowest level on record, CREA said.

Average prices were 9.4 per cent higher nationwide on the month.

Bloomberg.com

Subscribe to the newsletter news

We hate SPAM and promise to keep your email address safe

300*250

Popular Articles

Latest News

To Top