According to The Canadian Real Estate Association, August 2020 was by another record-setting month in the Canadian Housing Markets, heavily influenced by B.C’s lower mainland. In addition to a rise in new listings, jumping by 10.6% from July to August. Sales transactions were up in almost all Canadian housing markets compared to August 2019. The report reads that “the actual national average home price set another record in August 2020, up 18.5% from August 2019. ”Due to many markets suffering from inventory shortage, there has been fierce competition among buyers this summer. By the end of the month, there were only 2.6 months of inventory across the country, which is the lowest reading on record for this measure. Many properties have been shown virtually or by appointment only with PPE and sanitization protocol, due to the safety regulations put into place to protect buyers and sellers.
(Source: The Canadian Real Estate Association, 2020)