Sales activity for January was up 35.2% compared to the first month of last year.
Sales of Canadian homes for the month of January were up 35.2% compared with the same month a year earlier—and increased 2% when compared to December, the Canadian Real Estate Association said Tuesday.
The actual national average price of a home sold also soared to a record $621,525 in January, up 22.8% from the same month last year.
Market conditions were pushed to record levels in January because people have held off putting their homes up for sale in the middle of the pandemic, leaving fewer options for people to fight over, CREA said in its report.
Single family home prices rose 2.6% month-over-month and a robust 17.4% year-over-year, whereas apartment prices advanced by a smaller 0.2% month-over-month and decreased 3.3% year-over-year, TD Economics said in a statement after CREA released its report.