Canada’s housing market continues to rise strongly, despite the economic repercussions brought by the COVID-19 pandemic. House prices in the country’s eleven major cities rose by 8.57% during 2020, in contrast to a fall of 0.29% the previous year. Quarter-on-quarter, house prices increased 2.43% in Q4 2020.
September was a busy month for home sales in the Greater Toronto Area, as detached home sales increased by 28% year-on-year.
The industry group said actual sales, not seasonally adjusted, rose 45.6% from a year earlier, while the group's Home Price Index was up 10.3% from September last year and up 1.3% from August.
The Canada Emergency Rent Subsidy program will provide direct support to businesses and other organizations that are facing revenue losses, Finance Minister Chrystia Freeland said in a news conference. The program will run through June 2021.
The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices were up 0.6% in August from July.
Prices and sales volume have bounced back in Montreal since the spring quarantine, but the growing recession has the housing market on edge.
Home prices came surging back in June, despite the coronavirus shutdown in March and an earlier slowdown in the market.
House prices in Canada have fallen by 10% due to the COVID-19 induced lockdown, data from the Canadian Real Estate Association shows.
The average home price in Canada is $488,203, 10% lower than the $539,724 recorded in February.
Canada’s smallest province remains one of its most affordable, despite a shortage of inventory exacerbated by the pandemic.
In Canada’s largest metro area, the housing market is struggling to keep pace with a growing population and rising prices.
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