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Canadian Home Sales Go Up 63 Percent In June

The Canadian real estate industry is expanding by the year. Home listing websites like Condomapper.ca now have an increase in new listings. Statistics from May to June 2020 showed a 15.2% monthly increase over June last year. It puts the average month-on-month gain in the country at 63%. Despite the economic crisis caused by the pandemic, the figures have been positive so far.

Some of the largest housing markets in the country contribute to the figure with their significant increase in sales:

  • Winnipeg saw a 22.5% increase in housing sales
  • Greater Vancouver had a 60.3% increase in sales
  • The sales increase was up to 99.7% in Fraser Valley
  • There was a 67.9% increase in sales London and St. Thomas area
  • In Edmonton, there was a 59% increase in housing sales
  • Montreal had a 75% jump in sales
  • The sales increase was around 55.6% in Ottawa
  • Quebec City had a 43.6% jump in sales as well

Real estate businesses are gradually gaining lost ground. Buyers and sellers have been able to carry out market activities in the industry while adhering to the current guidelines and directives of health and government officials.

They leverage internet technology to list apartments online and complete necessary contracts and forms with secure online methods. It preserves and improves the reputation of real estate agents being the most suitable reference point for information about apartment sales and purchase.

The figures do show a positive end to the first half of the year, but the outlook on the second half of the year is still vaguely predictive at best. Key players in the industry believe that recent positive statistics on housing are not representative of things returning to normal fully. Therefore, they advocate for moderate optimism.

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The real estate marketplace has been able to achieve a higher rate of recovery than earlier anticipated, but its performance for the remaining part of the year is mostly unknown. However, there are indications (such as the daily market numbers for July) that the coming months would have more robust figures for the market.

The breakdown of the development at an internal scale shows that the number of new listings on property websites like CondoMapper.ca rose by 49.5% in June in comparison to May. The sales-to-listing ratio also stood at 63.7% by June, from 58.5% in May. However, there was a 3.6-month inventory by June ending this year. It is the lowest in 16 years.

A more comprehensive statistics from Calgary details the volume and average price comparison between May and June 2020:

May 2020 June 2020
Sales 1,441 2,296
Dollar Volume 609.5 1,029.4
Latest Listings 4,344 4,302
Average Price $422,994 $448,338
SNLR 52.9 52.6

 

It is worthy of note that the data from the Canadian Real Estate Association varies from that of CREB (Calgary Real Estate Board). It is because the CREA issues its statistics 14 days after that of the Calgary Real Estate Board, and as such, it might contain more recent data variables.