Canadian house prices jumped more than 25% in November from a year earlier, a record gain propelled by a historic supply shortage.
The Canadian Real Estate Association said Wednesday that the volume of sales was strong, too, with sales increasing by 0.6 per cent from the previous month’s level.
Typically, housing market activity peaks in the spring, before declining through the summer and fall, and slowing further in the winter months before rebounding again.
The increase came as CREA says sales were up month over month in about three-quarters of all local markets and in all major cities.
Compared with a year ago, actual home sales were down 0.7 per cent.
The actual national average home price was $720,850 in November, up 19.6 per cent from a year ago.
Across the country, sales gains in Calgary, Edmonton, the B.C. interior, Regina and Saskatoon offset declines in activity in the GTA and Montreal.
The actual (not seasonally adjusted) number of transactions in November 2021 was very strong historically, edging down a scant 0.7% on a year-over-year basis, missing the 2020 record for that month by just a few hundred transactions.
On a year-to-date basis, some 630,634 residential properties have traded hands via Canadian MLS® Systems between January and November 2021, far surpassing the annual record 552,423 sales for all of 2020.