Canadian home sales show continued strength through November, 2020: CREA

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

According to the report, "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."

"The decline from October to November reflected fewer transactions in about 60% of all local markets, notably in large markets – Toronto, Vancouver, Montreal and Ottawa."

"Actual (not seasonally adjusted) sales activity posted a 32.1% y-o-y gain in November – the same as in October. It was a new record for that month by a margin of well over 11,000 transactions. For the fifth straight month, year-over-year sales activity was up in almost all Canadian housing markets compared to the same month in 2019. Among the few markets that were down on a year-over-year basis, it is likely the handful from in Ontario reflect a supply issue rather than a demand issue."

 Highlights of CREA's report

• 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.

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

CREA has also released its Housing Market Forecast for 2021 and that document is available here.

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