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.