A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. The Canadian Real Estate Association says home sales in September hit another record for the month as they continued to climb higher and prices soared.THE CANADIAN PRESS/Sean Kilpatrick

A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. The Canadian Real Estate Association says home sales in September hit another record for the month as they continued to climb higher and prices soared.THE CANADIAN PRESS/Sean Kilpatrick

Canada records record home sales for September, up 45.6% from 2019

Actual national average home price in September was a record $604,000

The number of Canadian homes sold last month set a record for the month of September and the national average price soared 17.5 per cent from last year., according to a report Thursday.

There were 45.6 per cent more sales compared with September 2019, the Canadian Real Estate Association said. Compared with August, CREA said home sales were up 0.9 per cent on a seasonally adjusted basis.

The actual national average home price in September was a record $604,000, up 17.5 per cent from September 2019.

“Many Canadian housing markets are continuing to see historically strong levels of activity as we enter into the fall market of this very strange year,” CREA chair Costa Poulopoulos said in a statement.

In addition to a shortage of property listings in a number of regions, there’s been “fierce competition” among buyers, Poulopoulos said.

CREA senior economist Shaun Cathcart said other factors included pent-up demand due to early pandemic-related lockdowns, low interest rates, and government COVID-19 supports.

“But I think another wild card factor to consider, which has no historical precedent, is the value of one’s home during this time. Home has been our workplace, our kids’ schools, the gym, the park and more. Personal space is more important than ever.,” Cathcart said.

Douglas Porter, chief economist for BMO Capital Markets, said September’s price increase wasn’t a fluke as the average gain over the first nine months of 2020 was 11.6 per cent.

But Porter’s commentary concluded by inserting doubt that the “recent sizzling strength” can persist.

“The underlying economic conditions simply do not support such a piping hot market over a sustained period,” Porter wrote.

CREA said the national average price would be about $125,000 lower if sales in Greater Vancouver and the Greater Toronto Area are excluded..

But Porter noted that the MLS Home Price Index, which adjusts for different type of properties sold, has risen 10.3 per cent in the past year.

In September, the MLS HPI was up 1.3 per cent from August.

CREA attributed the modest month-over-month increase in the number of homes sold, compared with August, to declines in the Greater Toronto Area and Montreal.

Those were offset by gains in Ottawa, Greater Vancouver, Vancouver Island, Calgary and Hamilton-Burlington, Ont.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Real estate

Just Posted

A tent housing a mobile vaccination clinic. (Interior Health/Contributed)
Second dose vaccinations accelerating throughout region: Interior Health

To date, more than 675,000 doses have been administered throughout the region

Okanagan Lake (File photo)
Thompson-Okanagan ready to welcome back tourists

The Thompson-Okanagan Tourism Association expects this summer to be a busy one

..
Four Paws Food Bank-Barriere helps area pet owners

Leia Kett (as in Star War’s Princess Leia) has been a Barriere… Continue reading

teaser
Dynamic drives and pitiful putting helped even the score

Another Ladies’ Night has come and gone. This season is passing by… Continue reading

(Metro Creative graphic)
BC Liquor Store in Barriere raises $1,026 for grad celebrations

Barriere Secondary is once again a recipient of the annual Safe Grad… Continue reading

People line up to get their COVID-19 vaccine at a vaccination centre, Thursday, June 10, 2021 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
Vaccines, low COVID case counts increase Father’s Day hope, but risk is still there

Expert says people will have to do their own risk calculus before popping in on Papa

Queen’s counsel Paul Doroshenko, a Vancouver lawyer, has been suspended from practice for two months after admitting that his firm mismanaged $44,353.19 in client trust funds. (Acumen Law)
High-profile B.C. lawyer suspended over $44K in mismanaged client trust funds

Queen’s counsel Paul Doroshenko admits to failing to supervise his staff and find, report the shortage

House Majority Whip James Clyburn, D-S.C., center left, reaches over to Rep. Maxine Waters, D-Calif., joined by Speaker of the House Nancy Pelosi, D-Calif., center, and members of the Congressional Black Caucus as they celebrate the Juneteenth National Independence Day Act that creates a new federal holiday to commemorate June 19, 1865, when Union soldiers brought the news of freedom to enslaved Black people after the Civil War, at the Capitol in Washington, Thursday, June 17, 2021. It’s the first new federal holiday since Martin Luther King Jr. Day was created in 1983. (AP Photo/J. Scott Applewhite)
Biden to sign bill making Juneteenth a federal holiday

New American stat marks the nation’s end of slavery

Athena and Venus, ready to ride. (Zoe Ducklow - Sooke News Mirror)
Goggling double-dog motorcycle sidecar brings smiles to B.C. commuters

Athena and Venus are all teeth and smiles from their Harley-Davidson sidecar

Kimberly Bussiere and other laid-off employees of Casino Nanaimo have launched a class-action lawsuit against the Great Canadian Gaming Corporation. (Chris Bush/News Bulletin)
B.C. casino workers laid off during pandemic launch class-action lawsuit

Notice of civil claim filed in Supreme Court of B.C. in Nanaimo against Great Canadian Gaming

A Photo from Sept. 2020, when First Nations and wild salmon advocates took to the streets in Campbell River to protest against open-pen fish farms in B.C.’s waters. On Dec. 17, federal fisheries minister Bernadette Jordan announced her decision to phase out 19 fish farms from Discovery Islands. Cermaq’s application to extend leases and transfer smolts was denied. (Marc Kitteringham/Campbell River Mirror)
Feds deny B.C.’s Discovery Island fish farm application to restock

Transfer of 1.5 million juvenile salmon, licence extension denied as farms phased out

John Kromhoff with some of the many birthday cards he received from ‘pretty near every place in the world’ after the family of the Langley centenarian let it be known that he wasn’t expecting many cards for his 100th birthday. (Special to Langley Advance Times)
Cards from all over the world flood in for B.C. man’s 100th birthday

An online invitation by his family produced a flood of cards to mark his 100th birthday

FILE – Nurse Iciar Bercian prepares a shot at a vaccine clinic for the homeless in Calgary, Alta., Wednesday, June 2, 2021. THE CANADIAN PRESS/Jeff McIntosh
B.C. scientists to study effectiveness of COVID vaccines in people with HIV

People living with HIV often require higher doses of other vaccines

Most Read