Home sales set another all-time record in the last month of 2020, data from the Canadian Real Estate Association show.

The average national home price rose 15 per cent compared to the same month last year, the association said.

Home sales set a new all-time record for the third month in a row.

Sales in July were up 30.5 per cent compared with the same month a year ago.

June sales volumes returned to 'normal levels' for the month, the Canadian Real Estate Association said.

The Canadian Real Estate Association says May was the weakest showing for the month since 1996.

But data from the Canadian Real Estate Association shows no dramatic price drop, as both buyers and sellers wait on the sidelines.

Despite the collapse in home sales activity, the national average home price was up 12.5 per cent compared to March 2019, the Canadian Real Estate Association said.

Even excluding Vancouver and Toronto, the national average home prices was up 10% in February compared to the same month last year.

Revamped demand from buyers, along with long-term supply pressures in the resale market, will likely bring heated competition for new listings.