A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. The Canadian Real Estate Association says home sales in September hit another record for the month as they continued to climb higher and prices soared.THE CANADIAN PRESS/Sean Kilpatrick

A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. The Canadian Real Estate Association says home sales in September hit another record for the month as they continued to climb higher and prices soared.THE CANADIAN PRESS/Sean Kilpatrick

Canada records record home sales for September, up 45.6% from 2019

Actual national average home price in September was a record $604,000

The number of Canadian homes sold last month set a record for the month of September and the national average price soared 17.5 per cent from last year., according to a report Thursday.

There were 45.6 per cent more sales compared with September 2019, the Canadian Real Estate Association said. Compared with August, CREA said home sales were up 0.9 per cent on a seasonally adjusted basis.

The actual national average home price in September was a record $604,000, up 17.5 per cent from September 2019.

“Many Canadian housing markets are continuing to see historically strong levels of activity as we enter into the fall market of this very strange year,” CREA chair Costa Poulopoulos said in a statement.

In addition to a shortage of property listings in a number of regions, there’s been “fierce competition” among buyers, Poulopoulos said.

CREA senior economist Shaun Cathcart said other factors included pent-up demand due to early pandemic-related lockdowns, low interest rates, and government COVID-19 supports.

“But I think another wild card factor to consider, which has no historical precedent, is the value of one’s home during this time. Home has been our workplace, our kids’ schools, the gym, the park and more. Personal space is more important than ever.,” Cathcart said.

Douglas Porter, chief economist for BMO Capital Markets, said September’s price increase wasn’t a fluke as the average gain over the first nine months of 2020 was 11.6 per cent.

But Porter’s commentary concluded by inserting doubt that the “recent sizzling strength” can persist.

“The underlying economic conditions simply do not support such a piping hot market over a sustained period,” Porter wrote.

CREA said the national average price would be about $125,000 lower if sales in Greater Vancouver and the Greater Toronto Area are excluded..

But Porter noted that the MLS Home Price Index, which adjusts for different type of properties sold, has risen 10.3 per cent in the past year.

In September, the MLS HPI was up 1.3 per cent from August.

CREA attributed the modest month-over-month increase in the number of homes sold, compared with August, to declines in the Greater Toronto Area and Montreal.

Those were offset by gains in Ottawa, Greater Vancouver, Vancouver Island, Calgary and Hamilton-Burlington, Ont.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Recipients of last year’s Winter Games Legacy Grant funds. Bulletin file.
City of Kimberley accepting applications for Winter Games Legacy grants

Grants are available for amateur sports organizations

Amanda Parsons, a registered nurse on staff at the Northwood Care facility, administers a dose of the Moderna vaccine to Ann Hicks, 77, in Halifax on Monday, Jan. 11, 2021. THE CANADIAN PRESS/Andrew Vaughan-Pool
61 new COVID-19 cases, two more deaths in Interior Health

Twenty-nine people are in hospital, seven of whom are in intensive care

Kimberley Mayor Don McCormick. Bulletin file
No need for travel bans: Kimberley Mayor

While there has been plenty of chatter lately about the possibility of… Continue reading

Author Rosa Jordan
Join Kimberley Library for an author Zoom session

Join the Kimberley Public Library for an evening as the award-winning novelist… Continue reading

Cranbrook Search and Rescue safely and effectively rescued an injured snowmobiler on January 16. Pictured are six members took part in a Avalanche Skills Training Level 1 course, which also took place on the 16th. Members are required to have at minimum AST1 for winter responses. (Facebook/Cranbrook SAR file)
Cranbrook SAR rescues injured snowmobiler from Lumberton area

A helicopter crew assisted in safely and quickly located the injured person

Syringe is prepared with one of B.C.’s first vials of Pfizer vaccine to prevent COVID-19, Victoria, Dec. 22, 2020. (B.C. government)
B.C.’s COVID-19 caseload stays steady with 465 more Tuesday

No new outbreaks in health care facilities, 12 more deaths

Inspection of bridge crossing on a B.C. forest service road. (B.C. Forest Practices Board)
B.C. falling behind in maintenance of forest service roads

Auditor finds nearly half of bridges overdue for repair

(Black Press Media files)
Woman steals bottles of wine after brandishing stun baton in New Westminster

Police say the female suspect was wearing a beige trench coat with fur lining

Stand up paddleboarder Christie Jamieson is humbled to her knees as a pod of transient orcas put on a dramatic show on Jan. 19 in the Ucluelet Harbour. (Nora O’Malley photo)
UPDATED WITH VIDEO: Vancouver Island paddle boarder surrounded by pod of orcas

“My whole body is still shaking. I don’t even know what to do with this energy.”

Toronto’s Mass Vaccination Clinic is shown on Sunday January 17, 2021. THE CANADIAN PRESS/Frank Gunn
Canadian malls, conference centres, hotels offer up space for COVID vaccination centres

Commercial real estate association REALPAC said that a similar initiative was seeing success in the U.K.

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Kamala Harris and Joe Biden are sworn into office on Wednesday, Jan. 20, 2021, at the U.S. Capitol in Washington, D.C. (Saul Loeb/Pool Photo via AP)
Joe Biden has been sworn in as the 46th president of the United States

About 25,000 National Guard members have been dispatched to Washington

A memorial for the fatal bus crash involving the Humboldt Broncos hockey team at the intersection of Highways 35 and 335 near Tisdale, Tuesday, October 27, 2020. THE CANADIAN PRESS/Liam Richards
‘End of the road:’ Truck driver in Humboldt Broncos crash awaits deportation decision

Sidhu was sentenced almost two years ago to eight years after pleading guilty to dangerous driving

Most Read