Canadian homes sales reach record high numbers in July 2020: CREA

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

According to the report, "Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings continued to rebound in July 2020, with new listings hitting their highest level on record for the month of July, while sales posted the highest level of any month in history."

"Home sales recorded over Canadian MLS® Systems rebounded by a further 26% in July 2020, raising them to the highest monthly level ever recorded".

"With more and more of regular everyday life opening back up, REALTORS® and their clients across Canada are making up for lost time, and it’s been a very busy summer as a result," stated Costa Poulopoulos, Chair of CREA. "With sellers and buyers returning to the market in record numbers as lockdowns are increasingly lifted, we continue to make sure clients stay safe by complying with government and health officials’ directives and advice while continuing to use virtual technology to show properties and complete required forms and contracts. Now more important than ever, 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 26% on a month-over-month (m-o-m) basis in July.
• The actual (not seasonally adjusted) activity was up 30.5% year-over-year (y-o-y).
• The number of newly listed properties climbed 7.6% from June to July.
• The MLS® Home Price Index (HPI) rose 2.3% m-o-m and was up 7.4% y-o-y.
• The actual (not seasonally adjusted) national average sale price posted a 14.3% y-o-y gain.

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

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