National home sales set an all-time record in December, the Canadian Real Estate Association reported Friday.
Sales were up 47.2 per cent compared to December 2019, the largest year-over-year increase in monthly sales in 11 years.
The spike in sales from November to December, 7.2 per cent, was driven by gains of more than 20 per cent in the Greater Toronto Area (GTA) and Greater Vancouver.
It was a new record for the month of December by a margin of more than 12,000 transactions.
For the sixth straight month, sales activity was up in almost all Canadian housing markets compared to the same month in 2019.
It was also a record for the entire year.
Average home price up 17%
Almost 552,000 homes traded hands over Canadian MLS systems — a new annual record. It was an increase of 12.6 per cent from 2019 and 2.3 per cent more than the previous record year, 2016.
The actual national average home price was a record $607,280 in December, up 17.1 per cent from the final month of 2019.
CREA says excluding Greater Vancouver and the Greater Toronto Area, two of the most active and expensive markets, lowers the national average price by almost $130,000.