Canadian Home Sales Jump 7.2% from November to December – 47.2% Year-Over-Year

The Canadian Real Estate Association (CREA) is reporting that home sales in Canada jumped 7.2% in December from November. Setting a new record amid surging demand in the Greater Toronto and Vancouver areas. CREA noted that actual sales, not seasonally adjusted, rose 47.2% year-over-year. CREA’s Home Price Index was up 13.0% year-over-year and up 1.5% from November. The record-breaking December capped off a record year in Canadian real estate, with 550,000 homes trading hands, and despite the COVID-19 pandemic. Shaun Cathcart, senior economist with CREA commenting on the report said, “So, we have record-high demand and record-low supply to start the year. How that plays out in the sales and price data will depend on how many homes become available to buy in the months ahead.”