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Canadian home sales up 63% in June, prices rise 6.5% year-over-year

Should you buy a house during the coronavirus crisis?
Since the COVID-19 outbreak started at the beginning of 2020, some Canadians may have found opportunities in the housing market to buy a new home.

The Canadian Real Estate Association says home sales continued to rebound in June after plunging earlier this year due to the novel coronavirus pandemic.

The association says sales in June were up 63 per cent on a month-over-month basis, while the number of newly listed properties climbed 49.5 per cent from May to June. Compared with a year ago, sales in June were up 15.2 per cent.

READ MORE: What do the new CMHC rules mean for homebuyers?

The real estate industry came to a near standstill earlier this year as non-essential businesses closed to help slow the spread of the COVID-19 pandemic. CREA says the jump in sales returned them to “normal levels” for June, noting they were up 150 per cent from where they were in April.

The actual national average price for homes sold in June was almost $539,000, up 6.5 per cent from the same month last year.

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