Canadian Home Sales and Prices Edged Higher in November

According to statistics released on Wednesday (12-15-21) by the Canadian Real Estate Association (CREA), home sales recorded over Canadian MLS® Systems edged up 0.6% between October and November 2021. The small increase followed on the heels of a 9% increase in activity in October.

The actual (not seasonally adjusted) number of transactions in November 2021 was very strong historically, edging down a scant -0.7% on a year-over-year basis, missing the 2020 record for that month by just a few hundred transactions.

On a year-to-date basis, some 630,634 residential properties have traded hands via Canadian MLS® Systems between January and November 2021, far surpassing the annual record 552,423 sales for all of 2020.

The actual (not seasonally adjusted) national average home price was $720,850 in November 2021, up 19.6% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from the calculation in November 2021 cuts $158,000 from the national average price.

There were just 1.8 months of inventory on a national basis at the end of November 2021, tied with March 2021 for the lowest level ever recorded. The long-term average for this measure is more than 5 months.