{"id":16566,"date":"2020-09-21T11:11:00","date_gmt":"2020-09-21T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16566"},"modified":"2020-09-20T19:09:17","modified_gmt":"2020-09-21T02:09:17","slug":"current-state-of-canadian-housing-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/current-state-of-canadian-housing-markets\/","title":{"rendered":"Current State of Canadian Housing Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">Well, after adjusting for seasonality, August 2020 was yet another all-time record for Canadian home sales!<\/p>\n<p style=\"text-align: justify;\">Together with July\u2019s record, this summer has seen more homes trade hands via Canadian MLS\u00ae Systems than in any other two-month period on record. Along with that, we\u2019re looking at the tightest market conditions ever and some pretty strong price growth as well.<\/p>\n<p style=\"text-align: justify;\">So, what\u2019s going on? First and most importantly, remember this follows the worst spring on record, so a big part of what we\u2019re seeing now is the spring market having been pushed into the summer by the initial COVID-19 lockdowns.<\/p>\n<p style=\"text-align: justify;\">On balance, sales in 2020 have now pulled even with the first eight months of 2019 (which were nothing to write home about), so the big picture is despite the record volatility we\u2019ve seen these last few months, it\u2019s balancing out such that 2020, overall, is looking like it will wind up being a fairly middling year historically. Obviously, it will be much weaker than in a non-COVID-19 world, but I\u2019d say we\u2019re doing quite a bit better than I think anyone would have expected back in April or May. So, there\u2019s the one hand, but also the other.<\/p>\n<p style=\"text-align: justify;\">What about those market conditions? The tightest ever? Yep! For the country overall, measures of market balance are indicating pretty much the tightest demand\/supply conditions ever. That can\u2019t happen unless you have a majority of local markets that are sellers\u2019 markets. Not all markets obviously, but the majority. That means a lot of multiple offers and the price gains that go along with that.<\/p>\n<p style=\"text-align: justify;\">But I would point out these are exactly the kinds of conditions we had been expecting this year before COVID-19. If anything, you could say we\u2019ve been building towards a year like this for five years now.<\/p>\n<p style=\"text-align: justify;\">It\u2019s not surprising those are the market conditions we\u2019re seeing re-emerge now a few months after lockdown. As for sales, bear in mind because of COVID-19 we\u2019ve only seen two months of this stuff, whereas, in that hypothetical non-COVID-19 world, we likely would have already had six months of activity at least as strong as this. When you think about how affordability could have really taken a big hit this year, the whole coronavirus experience has really tapped the brakes on that\u2014silver lining?<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index climbed by another 1.7% from July to August and is up 4% just in the last two months. The MLS\u00ae HPI is now up almost 10% on a year-over-year basis. Heating up!<\/p>\n<p style=\"text-align: justify;\">As an overall summary, strong numbers this summer, no doubt. Some of that is the snap back of activity that didn\u2019t happen this spring, but a lot of it is likely also the re-emergence of the very same market conditions that prevailed pre-COVID-19.<\/p>\n<p style=\"text-align: justify;\">I\u2019ll be back with an update in mid-October. Until then, stay safe everybody!<\/p>\n<p style=\"text-align: justify;\">To view a more detailed look at August\u2019s national housing statistics, visit <a href=\"https:\/\/creastats.crea.ca\/en-CA\/\" target=\"_blank\" rel=\"noopener noreferrer\">creastats.ca<\/a>.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.creacafe.ca\/current-state-of-canadian-housing-markets-august-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">Current State of Canadian Housing Markets \u2013 August 2020<\/a> by Shaun Cathcart | Senior Economist | CREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, after adjusting for seasonality, August 2020 was yet another all-time record for Canadian home sales! Together with July\u2019s record, this summer has seen more homes trade hands via Canadian &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/current-state-of-canadian-housing-markets\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16566","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Current State of Canadian Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/current-state-of-canadian-housing-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Current State of Canadian Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Well, after adjusting for seasonality, August 2020 was yet another all-time record for Canadian home sales! 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