It looks like Canada’s real-estate market isn’t slowing down anytime soon.
According to the Canadian Real Estate Association (CREA), national real estate sales hit 53,746 thousand homes in October. This follows a relatively small dip in sales over the course of the summer and is an 8.6 percent increase from September.
As expected, low interest rates and a lack of available homes for sale across the country continue to fuel high prices. Across Canada, the typical home price in Canada now sits at $770,000, an increase of 2.7 percent. According to The Globe and Mail, this is the highest monthly increase since February and March.
“After a summer where it looked like housing markets might be calming down a bit, October’s numbers suggest we might be moving back towards what we saw this spring,” said CREA chair Cliff Stevenson said in a press release.
Home buyer demand also continues to increase in the suburbs, rural areas and small cities across Canada as the country continues to shift to remote work and a hybrid model.
In the Greater Toronto Area (GTA) specifically, the price of a typical home increased 4.8 percent to $1,139,400 between September and October. Further, in suburbs like Oakville and Milton, the home price index increased 6 percent to $1,452,900.