Canada existing home sales data
- Prior -1.6%
- Activity up 47.2% y/y
- Prices +1.5% m/m and +13% y/y
"It's official, despite all the challenges, 2020 was a record year for Canadian resale housing activity," stated Costa Poulopoulos, Chair of CREA.
"The stat to watch in 2021 will be new listings, particularly in the spring - how many existing owners will put their homes up for sale?" said Shaun Cathcart, CREA's Senior Economist. "We already have record-setting sales, but we know demand is much stronger than those numbers suggest because we see can see it impacting prices. On New Year's Day there were fewer than 100,000 residential listings on all Canadian MLS® Systems, the lowest ever based on records going back three decades. Compare that to five years ago, when there was a quarter of a million listings available for sale.
The power of low interest rates is on full display.
