With pandemic measures still in place, you may not be able to visit your favorite restaurant, but some of your fellow Canadians are shopping for new homes. Data for real estate market shows sales numbers at an all-time high level in June. Chief economist with CREA warns that the rally can come to a halt in the next few months. Year over year increase in sales is over 15%, while in the last month alone sales have jumped 63%. The jump may be attributed to buyers catching up on missed opportunities during slow and uncertain months of April and May.
- In June Real Estate prices have gone up 15% compared to the year prior.
- April and May were down 48% so the jump in June was seen as a welcome surprise.
- The largest real estate hikes were seen in both Quebec and BC.
“You may not be able to eat inside of restaurants, but tens of thousands of Canadians are home shopping.”