{"id":18917,"date":"2021-11-17T10:10:00","date_gmt":"2021-11-17T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18917"},"modified":"2021-11-16T09:58:44","modified_gmt":"2021-11-16T17:58:44","slug":"national-home-sales-set-new-record-home-price-continues-to-trend-upward","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/11\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\/","title":{"rendered":"National Home Sales Set New Record, Home Price Continues to Trend Upward"},"content":{"rendered":"<p style=\"text-align: justify;\">The year is not even over yet and Canada has posted the most home sales on record, surpassing previous record-holding levels logged in 2020.<\/p>\n<p style=\"text-align: justify;\">In its monthly national market report for October, the Canadian Real Estate Association (CREA) stated property sales grew from September to October as the average national home price rose on an annual basis.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter a summer where it looked like housing markets might be calming down a bit, October\u2019s numbers suggest we might be moving back towards what we saw this Spring, with regards to current market demand and supply conditions,\u201d said Cliff Stevenson, chair of CREA, in the report.<\/p>\n<p style=\"text-align: justify;\">\u201cThat said, one month of data is not a trend, so we\u2019ll be watching how the balance of this memorable year plays out closely,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Here\u2019s what we know from CREA\u2019s latest insights.<\/p>\n<p style=\"text-align: justify;\"><strong>Home sales soar to new highs<\/strong><\/p>\n<p style=\"text-align: justify;\">Year-to-date, 581,275 homes have been bought and sold between January and October across Canada. This has surpassed the total number of homes sold during all of 2020, which reported an annual record of 552,423 sales.<\/p>\n<p style=\"text-align: justify;\">The number of yearly property sales for October 2021 was down by 11.5%, a drop from October 2020\u2019s record. However, last month was still the second-highest October for sales on record.<\/p>\n<p style=\"text-align: justify;\">Month-to-month, home sales were up 8.6% from September to October, the largest monthly increase reported since July 2020. Sales were reported to have increased monthly in three-quarters of all local markets and in all major cities.<\/p>\n<p style=\"text-align: justify;\">\u201d2021 continues to surprise,\u201d said Shaun Cathcart, CREA\u2019s Senior Economist, in the report. \u201cSales beat last year\u2019s annual record by about Thanksgiving weekend so that was always a lock, but I don\u2019t think too many observers would have guessed the monthly trend would be moving up again heading into 2022.\u201d<\/p>\n<p style=\"text-align: justify;\">Cathcart added that a month with more new listings allowed for more sales to take place, but with market demand so strong, the supply of homes for sale continues to shrink and is at its lowest point on record.<\/p>\n<p style=\"text-align: justify;\"><strong>Less than two months of home inventory was available<\/strong><\/p>\n<p style=\"text-align: justify;\">The quantity of newly-listed homes coming online moved up by 3.2% between September and October, with most gains in local markets.<\/p>\n<p style=\"text-align: justify;\">However, on a national scale, there was just 1.9 months worth of inventory by the end of October 2021. This marks a half-month drop from three months earlier, falling back to February and March\u2019s extreme lows.<\/p>\n<p style=\"text-align: justify;\">\u201cWith so many markets starved for supply, it\u2019s not surprising to see sales go up in months when more properties go up for sale,\u201d the CREA report noted.<\/p>\n<p style=\"text-align: justify;\">The sales-to-new listings ratio rose to 79.5%, up from 75.5% in September and 73.5% in August. Based on sales-to-new-listings ratios, two-thirds of local markets were seller\u2019s markets in October.<\/p>\n<p style=\"text-align: justify;\"><strong>National home price continues to trend upward<\/strong><\/p>\n<p style=\"text-align: justify;\">The actual national average home price was $716,585 in October 2021, up 18.2% from October 2020. When excluding Greater Vancouver and the Greater Toronto Area from this calculation, the national average price drops $155,000 to approximately $561,585.<\/p>\n<p style=\"text-align: justify;\">Last month, the Aggregate Composite MLS Home Price Index was up 2.7% monthly and 23.4% year-over-year.<\/p>\n<p style=\"text-align: justify;\">When analyzing specific markets, British Columbia reported annual home price growth above 20%, but this was lower in Vancouver. Year-over-year price growth came close to 30 per cent in Ontario and was reported to be a little over 20% in Greater Montreal.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/11\/canadian-home-sales-record-beating-2020.html\" target=\"_blank\" rel=\"noopener\">Canadian Home Sales Set New Record, Beating 2020<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The year is not even over yet and Canada has posted the most home sales on record, surpassing previous record-holding levels logged in 2020. In its monthly national market report &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/11\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\/\">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-18917","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Home Sales Set New Record, Home Price Continues to Trend Upward &#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\/2021\/11\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Home Sales Set New Record, Home Price Continues to Trend Upward &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The year is not even over yet and Canada has posted the most home sales on record, surpassing previous record-holding levels logged in 2020. In its monthly national market report &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"National Home Sales Set New Record, Home Price Continues to Trend Upward\",\"datePublished\":\"2021-11-17T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\\\/\"},\"wordCount\":566,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/11\\\/national-home-sales-set-new-record-home-price-continues-to-trend-upward\\\/\",\"name\":\"National Home Sales Set New Record, Home Price Continues to Trend Upward &#8226; 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