At this point, it likely won’t come as a surprise to you that statistics released yesterday by the Canadian Real Estate Association (CREA) indicated national home sales remained historically high in December 2021, as the end-of-month supply of properties for sale hit an all-time low.
Highlights Include:
- National home sales inches up 0.2% on a month-over-mont basis in December
- Actual (not seasonally adjusted) monthly activity came in 9.9% below the record posted in December 2020
- The number of newly listed properties fell 3.5% from November to December
- The MLS Home Price Index rose 2.5% month-over-month and was up a record 26.6% year-over-year
- The actual (not seasonally adjusted) national average sale price posted a 17.7% year-over-year gain in December
In Ontario specifically, we saw a year-over-year price growth remain above 30% in December, with the GTA continuing to surge ahead after trailing other parts of the province for most of the pandemic. Heading into the new year, the demand for houses has not declined, and although policymakers are saying the right things, they have to act to change the course we’re currently on. At this time, there are fewer properties listed for sale in Canada than at any point on record.
CREA Stats (2022, January 17). National Statistics. CREA.
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