It was another record-breaking month for the Canadian housing market. September sales rose 45.6 percent over the previous year with no obvious signs of slowing after several months of remarkable levels of buyer activity.
Even as concerns over the fast-growing second wave of COVID-19 continue to rise, one of Canada’s largest real estate franchisers is projecting that Canadian home prices will end the year up substantially over 2019.
September was another banner month for the Toronto region’s housing market and no property type was hotter than detached homes in the suburban areas surrounding the city.
The Toronto region’s housing market moved back into seller’s territory in September with new listings declining and home sales continuing at a rapid pace.
There were 4,539 new homes sold across the Toronto region in August, up a blazing 217 percent over the previous year and 119 percent higher than the 10-year average for the month.
Canada’s housing market mounted an impressive comeback after the springtime freeze, but a prolonged period of high unemployment and lower incomes will eventually sap the market’s current vigour.
The strength exhibited in local markets across the country this summer has failed to convince the Canada Mortgage and Housing Corporation (CMHC) that a major decline in home prices is the most likely outcome of the COVID-19 pandemic.
A widely watched home price index tracking the Canadian housing market is firming up after posting weak results through June and July.
The Canadian housing market has caught up to where it was at the same time last year as pent-up demand from the spring was unleashed in the summer months, leading to a flurry of home sales.
Price growth in the Toronto region lost some steam last month compared to July, but there were still plenty of substantial price gains seen across the city’s suburban markets.
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