December 15, 2020
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales continued running at historically strong levels in November 2020.
Summary:
- National home sales edged back 1.6% on a month-over-month (m-o-m) basis in November.
- Actual (not seasonally adjusted) activity was up 32.1% year-over-year (y-o-y).
- The number of newly listed properties also fell back by 1.6% from October to November.
- The MLS® Home Price Index (HPI) rose 1.2% m-o-m and was up 11.6% y-o-y.
- The actual (not seasonally adjusted) national average sale price posted a 13.8% y-o-y gain in November.
Home sales recorded over Canadian MLS® Systems edged back by 1.6% between October and November. Small declines in October and November notwithstanding, monthly activity is still running well above most of history.
CREA Updates Resale Housing Market Forecast
Ottawa, ON, December 15, 2020 – The national average price is forecast to rise by 9.1% in 2021 to $620,400. Average price trends across Canada in 2021 are generally expected to resemble those in 2020. Shortages of supply, particularly in Ontario and Quebec, are expected to result in strong price growth, while Alberta and Saskatchewan are anticipated to see average prices pick up following several years of depreciation.
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