Average price of Canadian resale home up by 15%


Shady Salah – Media in Toronto
The average price of a Canadian resale home has risen by more than 15 per cent in the year up to October, the Canadian Real Estate Association said Monday. The association said October sales were down 0.7% from September. However, sales last month still set a record for October as they gained 32.1% compared with October last year. The national average home price also set an October record at $607,250, up 15.2% from the same month last year. Excluding sales in Greater Vancouver and the Greater Toronto Area — two of the most active and expensive housing markets — lowers the national average price by more than $127,000, CREA said. While sales plummeted in the early days of the pandemic, they have been on fire ever since. Some 56,186 homes changed hands during the month, bringing the total tally of 2020 as a whole to 461,818.

That’s the second-busiest 10-month stretch ever. Sales continued to boom compared to normal levels, and prices seem to be doing the same thing. The association noted that some 461,818 homes were sold over Canadian MLS systems in the first 10 months of the year, up 8.6% from the same period in 2019. Two areas with big price surges during October were Ontario’s Quinte “District Association of Realtors — including Prince Edward and Belleville, Ont. — and the Woodstock and Ingersoll Real Estate Board in southwestern Ontario.

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