Average Canadian home cost struck an all-time high of $720,850 in November

Key takeaways:

Realtor group’s House Price Index growing at a record speed, also.
This year has been the most active year for house deals on record, the Canadian Real Estate Association states.

Home prices escalating at a record price:

The average selling cost of a resale house in Canada the previous month was $720,850, beating the prior increased set in March of this year.

The Canadian Real Estate Association stated Wednesday that the volume of deals was firm, also, with deals rising by 0.6 per cent from the earlier month’s level.

Generally, housing market activity rises in the spring, ere descending through the summer and fall, and delaying further in the winter months ere bouncing again.

But 2021 has yanked that classic trend, as deals for the year have already shattered the earlier yearly record for sales with one month to move.

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Average Canadian house costs at a record of $720850

Almost 630,634 houses have been traded on CREA’s MLS system this year, well forward of the record of 552,423 set in 2020.

“Even at what is traditionally the slow time of year for housing, conditions and price trends are at the same record levels we saw this spring,” CREA chair Cliff Stevenson stated. Source – cbc.ca

CREA, which represents almost 100,000 real estate brokers across the nation, states that the average selling cost figure can be tricky because it is effortlessly skewed by deals in large, costly cities such as Toronto and Vancouver. So, it figures a distinct number, known as the Multiple Listing Service House Price Index or HPI, that alters for deals volumes and the kind of housing to give a more useful meter of the market.

But the HPI is also growing at a torrid rate. The index has increased by 25.3 per cent in the previous year — also the most rapid pace on record.