October Market Snapshot: A New Record Set

Monday Nov 29th, 2021

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By the time Canadians had loosened their belts following Thanksgiving feasts, a new record had been set for annual Canadian home sales.

Information from the Canadian Real Estate Association’s (CREA) most recent national statistics show home sales rose 8.6% from September to October, which was enough of a bump to set the record with plenty of time left to go in 2021.

Map showing real estate transaction data

“We had a few surprises in the October data,” said Senior Economist and Director of Housing Data and Market Analysis Shaun Cathcart on CREA’s monthly housing market report.

“From a months’ inventory standpoint in October, we’re actually back in the same zone we were in the spring, which was the tightest market conditions ever.”

Across the country, Ontario and New Brunswick continue strong year-over-year price growth, hovering around the 30% mark. British Columbia has crept up above 20% again, which is what’s being seen in Montreal, too.

Manitoba gains are at about 10% while Alberta and Saskatchewan increases are in the mid-to-high single digits.

The actual (not seasonally adjusted) national average home price was $716,585 in October 2021, up 18.2% from the same month last year.

As always, we will keep you posted on the pulse of the Canadian housing markets. Check back next month to see November’s snapshot with the most up-to-date insights.

Remember, contact a REALTOR® for detailed information about your neighbourhood and its price trends.

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