August 2020 another record-setting month for many Canadian housing markets: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for August of 2020.

According to the report, "Statistics1 released today by the Canadian Real Estate Association (CREA) show national home sales and new listings continued to climb in August 2020."

"Home sales recorded over Canadian MLS® Systems edged up a further 0.9% between August and September, raising them to yet another new all-time monthly record."

"It has been a record-setting summer in many housing markets across Canada as REALTORS® and their clients play catch up following the loss of so much of the 2020 spring market," stated Costa Poulopoulos, Chair of CREA. "Many markets dealing with inventory shortages have been seeing fierce competition among buyers this summer; although, that was something that had been anticipated for 2020 prior to COVID-19. It really does seem that the spring market shifted into the summer. As conditions evolve into fall, we continue to make sure clients stay safe by complying with government and health officials’ directives and advice, including using technology to show properties virtually and to complete required forms and contracts. Now as always, REALTORS® remain the best source for information and guidance when negotiating the sale or purchase of a home,” continued Poulopoulos.

 Highlights of CREA's report

• National home sales rose 6.2% on a month-over-month (m-o-m) basis in August..

• The actual (not seasonally adjusted) activity was up 33.5% year-over-year (y-o-y)..

• The number of newly listed properties climbed 10.6% from July to August.

• The MLS® Home Price Index (HPI) rose 1.7% m-o-m and was up 9.4% y-o-y.

• The actual (not seasonally adjusted) national average sale price posted an 18.5% y-o-y gain in August.

Read the entire report on Canadian MLS® sales for August of 2020.

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