Canada House Prices Jump +6.5% Year-Over-Year

Western Spruce-Pine-FIr KD 2x4 #2&Btr prices JULY 2020

The Canadian Real Estate Association said Wednesday that the average price of a Canadian resale home was $539,000, up 6.5 per cent from the average price a year earlier. And it’s up by more than 10 per cent from what it was just one month earlier, in May.

Canada’s housing market went into a deep freeze when pandemic-related lockdowns began in March, causing activity in March and April to fall to record lows.

Madison's Historical Softwood Dimension Lumber Price Comparison Table JULY 2020

But sales picked up in May as restrictions eased, and that momentum seems to have followed through into June.

A total of 41,628 homes changed hands during the month, an increase of 63 per cent from May’s level, and a jump of more than 15 per cent compared to June 2019.

Sales were up in Canada’s biggest cities compared to May.