The Canadian Real Estate Association says the residential market set a new record in July 2020.
This development comes amid the ongoing COVID-19 pandemic.
The CREA reported that sales last month “posted the highest level of any month in history”.
According to the association, a total of 62,355 transactions happened in July 2020.
This marks the "highest monthly sales figure on record going back more than 40 years".
New listings of homes for sale also hit the “highest level on record for the month of July”.
The CREA provided an update on the housing market in a media release Monday (August 17).
The association noted that national home sales increased 26 percent in July 2020 over June.
July 2020 sales also rose 30.5 percent year-over-year.
In the media release, the CREA cited sale increases of 49.5 percent in Greater Toronto; 43.9 percent, Greater Vancouver; 39.1 percent, Montreal; and 36.6 percent, Fraser Valley.
Other markets: 31.8 percent, Hamilton-Burlington; 28.7 percent, Ottawa; 16.9 percent, London and St. Thomas; 15.7 percent, Calgary; 12.1 percent, Winnipeg; 9.7 percent, Edmonton; and 5.4 percent in Quebec.
The actual national average price for homes sold in July 2020 reached $571,500, a 14.3 percent from the same month last year.
The Canadian home market dipped in April 2020 because of the COVID-19 pandemic.
CREA chair Costa Poulopoulos stated in the media release that realtors and their clients are “making up for lost time”.
According to the association’s senior economist, Shaun Cathcart, April had “some of the lowest housing numbers ever”.
“A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year,” Cathcart said.
“There were just 2.8 months of inventory on a national basis at the end of July 2020 – the lowest reading on record for this measure,” the associated noted.
The number of newly listed properties climbed 7.6% from June to July.
Meanwhile, the benchmark price of a typical home rose 2.3 percent in July compared to June.
The same price also posted a year-over-year increase of 7.4 percent.