Canadian Home Sales Surpass Annual Record by October

Home Sales across Canada already hit an annual record in the first 10 months of 2021, as real estate activity remains abnormally elevated despite surging prices.

According to latest data published by the Canadian Real Estate Association on Monday, national home sales were up 8.6% between September and October, marking the biggest monthly increase since July of last year. Between January 2021 and October, a total of 581,275 properties traded owners, surpassing the record of 552,423 transactions set for entirety of 2020

Although sales slumped 11.5% on an annual basis from the record-high in October 2020, last month was still the second highest in terms of sales figures by a sizeable margin. The number of newly listed properties edged up 3.2% month-over-month, while the months of inventory fell to just 1.9 months, which is significantly below the long-term average of 5 months worth of inventory.

“After a summer where it looked like housing markets might be calming down a bit, October’s numbers suggest we might be moving back towards what we saw this Spring, with regards to current market demand and supply conditions,” said CREA Chair Cliff Stevenson.

Meanwhile, non-seasonally adjusted home prices continued to accelerate last month, rising 18.2% from October 2020 to $716,585.

Information for this briefing was found via 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.

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