Housing Market Statistics | October 2021
Canadian home prices continue to re-accelerate in September
National Home Sales

Home sales recorded over Canadian MLS® Systems were up 0.9% between August and September 2021, marking the first monthover-month increase since March.

Actual Activity

The actual (not seasonally adjusted) number of transactions in September 2021 was down 17.5% on a year-over-year basis, from the record for that month set last year. That said, it was still the second-highest ever September sales figure by a sizeable margin.

“ September provided another month’s worth of evidence from all across Canada that housing market conditions are stabilizing near current levels. In some ways that comes as a relief given the volatility of the last year-and-a-half, but the issue is that demand/supply conditions are stabilizing in a place that very few people are happy about. "
~ Cliff Stevenson, Chair of CREA
Newly Listed Homes

The number of newly listed homes fell by 1.6% in September compared to August, as gains in parts of Quebec were overwhelmed by declines in the Lower Mainland, in and around the GTA and in Calgary.

MLS® Price Index

The non-seasonally adjusted Aggregate Composite MLS® HPI was up 21.5% on a year-over-year basis in September, up a bit from the 21.3% year-over-year gain recorded in August.

National Average Sale Price

The actual (not seasonally adjusted) national average home price was $686,650 in September 2021, up 13.9% from the same month last year.

“ The small changes observed in most key housing market metrics over the last couple of months suggest that the worst of the pandemic-related volatility we’ve experienced since last spring is in the rear-view mirror at this point. Having said that, given we are still stuck at around 2 months of inventory nationally, the thing to keep a close eye on going forward will be the behaviour of prices. ”
~ Shaun Cathcart, CREA’s Senior Economist

The actual (not seasonally adjusted) national average home price was $686,650 in September 2021, up 13.9% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from the calculation in September 2021 cuts over $146,000 from the national average price.