Pent-Up Demand Drives Canada Home Sales and Prices to Record

Market records fourth month of gains after April freeze
National inventory levels are tightest ever, CREA says

Canada’s housing market hit new all-time highs in August, with sales and prices reaching records. — Canada’s housing market hit new all-time highs in August, with sales and prices reaching records.
Photographer: Cole Burston/Bloomberg

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By Theophilos Argitis and Shelly Hagan

September 15, 2020 at 1:46 PM UTC

Updated on

September 15, 2020 at 2:50 PM UTC

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Canada’s housing market hit new all-time highs in August, with sales and prices reaching records.

Transactions jumped 6.2% in August, the fourth straight month of strong gains after the market froze at the height of the Covid-19 pandemic, the Canadian Real Estate Association said Tuesday in a statement. Sales are now 33.5% above year-earlier levels. Benchmark prices rose 1.7% in August and are now 9.4% higher than in August 2019.