Three priciest markets set home sales records
October 19, 2020
Victoria, Vancouver and Toronto share two characteristics: most expensive housing in Canada and new levels of record home sales.
In Victoria, where the average composite home price is now north of $879,000, September sales through the multiple listing service of the Victoria Real Estate Board (VREB) soared 60 per cent compared to a year earlier to 989 transactions.
Greater Victoria housing sales in both August and September were better than for any other August and September on record, according to VREB.
In Greater Vancouver, September home sales surged 56 per cent year-over-year to more than 3,643 units, and were also 20 per cent higher than in August, which had also set a sales record for the month. The benchmark composite home price in the region is now $1.04 million—the highest price in Canada.
September’s sales were 44.8 per cent above the 10-year average for the month and marked the highest number on record for September, according to the Real Estate Board of Greater Vancouver.
In Greater Toronto, September home sales reached a new record of 11,083, representing a 42.3 per cent gain compared to September 2019. The composite benchmark for all home types rose 14 per cent year-over-year to $960,772, according to the Toronto Regional Real Estate Board (TRREB).
TRREB president Lisa Patel credited low mortgage rates, an improving economy, and “pent-up demand” for the September sales surge.