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Canadian homes sales surge 47% year-over-year in December, prices up 13%

Click to play video 'Calgary home sales see modest growth in December' Calgary home sales see modest growth in December
2020 has been an up, down, and up year for real estate in the Greater Toronto Area. When the pandemic began, demand for properties dropped. By spring, that had been a turnaround. Now, as Seán O’Shea reports, prices are up and so is debt load as brokers are seeing more million-dollar mortgages than ever. – Jan 15, 2021

The Canadian Real Estate Association says home sales in December hit an all-time record for the month to end what was also a record year.

It says December sales were up 47.2 per cent compared with December 2019, the largest year-over-year gain in monthly sales in 11 years.

Sales for the month were also up 7.2 per cent compared with November.

READ MORE: Markets bet on Bank of Canada ‘micro rate cut’ amid tightening coronavirus restrictions

For 2020 as a whole, CREA says some 551,392 homes were sold, up 12.6 per cent from 2019, and a new annual record.

The actual national average home price was a record $607,280 in December, up 17.1 per cent from the final month of 2019.

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CREA says excluding Greater Vancouver and the Greater Toronto Area, two of the most active and expensive markets, lowers the national average price by almost $130,000.