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Canadian home sales up again in September

By: Harry Callaghan
Posted: October 16, 2020 07:41

Brandon home sales also increased as the average sale price dropped

Image: File

Canadian home sales rose again in September from August setting a new all-time monthly record for the third straight month.

Nationally, sales climbed 0.9% in September from August.

The Canadian Real Estate Association says compared to September 2019, sales were up almost 46% - and the average price of a home jumped 17.5% to a record $604,211.

Brandon Area Realtors says 67 homes sold in September - up from 56 in August - while the average price of a home dropped to $272,431 from $311,679 in August.

Provincially, 1,809 residential properties sold in September, up 37.5% over September 2019. These sales account for $558.4 million in total dollars, an increase of 50.3% over the same month last year. In September 2019, 1,316 properties sold - the previous record for the month.

While the strength of the Canadian housing market through the COVID-19 pandemic has shocked analysts, many warn that the record-shattering pace cannot continue.

Douglas Porter, chief economist at BMO Capital Markets, says "We doubt that this recent sizzling strength can persist amid some of the building headwinds. The underlying economic conditions simply do not support such a piping hot market over a sustained period.”

More Brandon numbers can be found at the link below.

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