Loading articles...

CREA reports Canadian home sales climb again, set record for August

Last Updated Sep 15, 2020 at 9:28 am EDT

A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. Housing sales in British Columbia are climbing faster than anticipated after a downturn, but a rebound won't be as inflamed as the sellers' market two years ago, says a report released Monday by Central 1 Credit Union. THE CANADIAN PRESS Jonathan Hayward

OTTAWA — The Canadian Real Estate Association says home sales in August climbed 6.2 per cent compared with July to hit an all-time record for the month with gains led by the Greater Toronto Area and B.C.’s Lower Mainland.

Compared with a year ago, sales in August were up 33.5 per cent.

Home sales in Canada came to a near halt in the spring due to the COVID-19 pandemic, but have surged through the summer, helped by pent up demand and low mortgage rates. CREA says in addition to a record for August it was the sixth-highest monthly sales figure of any month.

Sales through the first eight months of the year have totalled 341,463 homes, up 0.8 per cent compared with the first eight months of 2019.

The national average home price also set another record in August at more than $586,000, up 18.5 per cent compared with a year ago.

Excluding Greater Vancouver and the Greater Toronto Area, two of Canada’s most active and expensive housing markets, lowers the national average price by about $122,000. 

This report by The Canadian Press was first published Sept. 15, 2020.

The Canadian Press

Latest Traffic & Weather
680 NEWS TRAFFIC @680NEWStraffic 680 News Traffic Twitter verified icon
Updated 14 minutes ago
#NB400 approaching Innisfil Beach Rd - ladder in the left lane. #cottagecountry
Latest Traffic
680 NEWS WEATHER @680NEWSweather 
Updated Today at 05:56 AM
Retweeted @CNNweather: As the Tokyo Olympic games continue, athletes are facing one challenge that's beyond the control of their coaches: extreme…
Latest Weather