Canadian Housing Showing Strength

Date Posted: August 31, 2020

As many Canadians start to think about Fall and how Covid-19 may continue to impact they day-to-day activities the real estate market continues to fire on all cylinders.

Recently released date by the Canadian Real Estate Association (CREA) confirms that real estate sales continue to outpace listings and are driving multiple bidding wars across the country.  As a result, housing prices are up significantly in most markets across Canada.

Residential sales in Canada increased by 26 per cent in July over June and were 30.5% percent higher than in July 2019.  The three markets leading this charge were Toronto with a 49.5% increase, Vancouver with 43.9% and Montreal with 39.1%.

With property sales on the rise we are also seeing increased property values across the country.  Toronto property values have increased 55% over the last 5 years; Vancouver property values have increased 46% over the same period and Ottawa has seen an increase of 44%.

Heading into September it is still a sellers’ market with glimmers of the imbalance slowly correcting itself.

To read the full Financial Post article; click here:

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