Canadian Home Sales Increase for First Time in Six Months in September

Home sales across Canada increased for the first time in six months in September, as the ongoing economic improvement and the end of summer vacations prompted more potential homebuyers to enter the real estate market.

According to the Canadian Real Estate Association, national home sales jumped 0.9% between August and September, marking the first increase since March. Compared to the same period one year ago, though, home sales were down 17.5%. Despite the uptick in sales, the number of newly listed properties dropped `1.6%, suggesting that demand may be beginning to stabilize, but still outpaces supply.

The national average home price rose 13.9% from September 2020 to $686,650, while the number of months of inventory slumped from 2.2 months in August to 2.1 months in September. “Given we are still stuck at around two months of inventory nationally, the thing to keep a close eye on going forward will be the behaviour of prices,” said CREA senior economist Shaun Cathcart.


Information for this briefing was found via the CREA. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Major Investments in Housing is the Only Way to Alleviate Canada’s Worsening Housing Crisis

Canada is confronting an escalating housing crisis. It’s not just statistics; the evidence is overwhelming—...

Wednesday, August 16, 2023, 06:13:00 AM

Canadian Home Sales Soared to Record Levels in December

Canada’s housing market finished off a record-breaking 2020 on a strong note, as potential homebuyers...

Friday, January 15, 2021, 05:02:00 PM

A Canadian Pension Fund Just Sold An NYC Office Building for $1

The Canada Pension Plan Investment Board (CPPIB), Canada’s largest pension fund, has recently concluded a...

Thursday, February 29, 2024, 10:28:00 AM

US Mortgage Applications Soar 28% During Thanksgiving Holiday While Average Loan Amount Reaches Record High

Although the Thanksgiving holiday is not usually a popular time for Americans to be purchasing...

Wednesday, December 2, 2020, 01:07:00 PM

Federal Government Extends Foreclosure and Evictions Protections as Millions of Americans Struggle to Make Housing Payments

As the coronavirus pandemic continues to shatter the US economy, millions of Americans are finding...

Monday, June 22, 2020, 03:49:00 PM