Average Canadian house price soared 18% in past year, CREA says

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Average Canadian house price soared 18% in past year, CREA says

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Canada’s housing market continued its inconceivable run in August, as common costs jumped by virtually 20 per cent from the place they had been a yr earlier, and the variety of properties bought shattered the month-to-month report, too.

The Canadian Actual Property Affiliation, which represents greater than 130,000 realtors throughout the nation, stated Tuesday that 58,645 properties had been bought throughout the month, which is 33 per cent greater than modified fingers in the identical month final yr.

August is often not a really busy month for residence gross sales. Usually, the market begins off the yr slowly within the chilly winter months earlier than spiking within the spring, cooling down by way of the summer time and getting chilly once more towards the tip.

However 2020 has thrown these seasonal tendencies out the window as lockdowns in March and April delayed quite a lot of residence purchases and pushed the shopping for season till later within the yr.

Regardless of a international pandemic that finally rely had worn out greater than one million jobs from Canada’s labour market, final month was the sixth-busiest month on report for residence gross sales, and the busiest August ever.

Common value will be deceptive

Costs skyrocketed, too. The typical value of a Canadian residence that bought final month was $586,000. That is up 18.5 per cent from the identical month final yr.

CREA says the common value will be deceptive, as a result of massive gross sales in costly markets like Toronto and Vancouver can skew the quantity.

So CREA calculates one other determine, referred to as the Home Worth Index, which the realtor group says is a greater gauge of the market, as a result of it adjusts for the quantity and sort of housing throughout markets.

The HPI rose by 9.four per cent in August. That is the largest annual leap since 2017.

“It has been a record-setting summer time in lots of housing markets throughout Canada, as realtors and their shoppers play catch up following the lack of a lot of the 2020 spring market,” CREA chair Costa Poulopoulos stated in a press launch.

“It actually does appear that the spring market shifted into the summer time.”

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