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.