Canada just set an all-time record for the most houses sold in a single month
Canadians are seriously scooping up some real estate.
According to statistics released by the Canadian Real Estate Association (CREA) this week, national home sales reached 63, 355 in July, which is a 26 per cent increase from the previous month and the highest monthly level ever recorded.
Costa Poulopoulos, chair of the CREA, credited these numbers to Canadians returning to normal, everyday life following the COVID-19 lockdown.
"With more and more regular everyday life opening back up, realtors and their clients across Canada are making up for lost time, and it's been a very busy summer as a result," she said in a statement.
Taking a look at Canada's largest markets, it's clear that Poulopoulos is right. Sales increased by 49.5 per cent in the GTA from June to July, 43.9 per cent in Greater Vancouver, 39.1 per cent in Montreal, and 28.7 per cent in Ottawa.
“July 2020 actually saw more homes trade hands in Canadian housing markets than any other month in the history of CREA’s database going back more than 40 years,” says our Senior Economist Shaun Cathcart. Watch the video for more details 👇 #CREAstats pic.twitter.com/34SASNiofF— CREA | ACI (@CREA_ACI) August 17, 2020
CREA's senior economist, Shaun Cathcart, added that prior to the lockdown, Canada was headed for the "tightest spring market in almost 20 years."
"What a difference three months makes, from some of the lowest housing numbers ever back in April to the multiple monthly records logged in July," he said.
"Some purchases will no doubt be delayed, but the new-found importance of home, lack of a daily commute for many, a desire for more outdoor and personal space, room for a home office, etc. will certainly also spur activity that otherwise would not have happened in a non-COVID-19 world."
As a result of the demand for houses, the number of newly-listed homes climbed by 7.6 per cent from June to July and average prices rose 9.4 percent nationwide.
"A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year," Cathcart said.
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