DESPITE COVID-19, CANADA’S PROPERTY MARKET NUMBERS ARE REACHING NEW HEIGHTS

From May onward property markets have been reeling in record prices and record sales. According to the Canadian Real Estate Association, the national home price index calculated a typical home sale at 3.3% to $637,600 from January to July. In Montreal the index rose 7.7% to $401,200 . . . . Ottawa jumped 9.4% to $502,500 . . . . in the Toronto Region it increased 4% to $876,100 . . . .  and in the Vancouver area $1,023,100.For renters with secure jobs, the situation is not dire. In tight markets such as TORONTO, supply is up and demand is down. A large number of new apartments and condos will soon be on the market, both in, and outside the city. – Report On Business, Globe and Mail, August 22/2020

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