Canadian Real Estate Sales on the Rise Again

After a six month trend of decline, Canada’s real estate market has picked up again in September, with sales rising 0.9% from the month of August. The Canadian Real Estate Association (CREA) said the sales were still down by 17.5% from September of 2020 when sales soared to record highs.

Although sales declined year on year, 2021 was still the second highest September after 2020. The real estate market has seen a monthly growth for the first time since March.

The prices have increased by 1.7% on a monthly basis and 21.5% annually. Halifax has recorded a 27.5% annual increase yearly among major metropolitan areas, followed by Toronto (18.3%) and Montreal (15.5%). Ontario’s smaller towns have seen even bigger price gains.

CREA says the price increases are primarily the result of the real estate supply.

Five year fixed mortgage rates could lower the prices in the coming months.

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