CP24 | Real Estate News

The Toronto Real Estate Board says the average price of a home sold last year hit a new record as the number of sales climbed 8.4 per cent compared with 2019. 1

Canadian home sales rose 32.1 per cent in November compared with the same month last year, matching the record-breaking year-over-year increase seen in October, the Canadian Real Estate Association said on Tuesday.

HSBC says it will offer rates below one per cent for some mortgages, which rate comparison website RateSpy.com says is a record low for Canada.

November brought a sense of urgency to the Toronto real estate market, where COVID-19 has people buying and selling homes for "completely different reasons" than before the pandemic, according to Peel-based broker Bethany King. 1

The Canadian Real Estate Association says home sales in September set another record for the month as they continued to climb higher and prices soared.

The province initially prohibited open houses back in April as the number of cases of the virus mounted but it later lifted the prohibition as regions entered Stage Three of its reopening plan, allowing business to mostly return to normal.

Toronto is one of seven world cities most at risk of a residential real estate bubble, according to a new report released by UBS this week.

Moody's Analytics, Inc. says home prices across Canada could tumble about seven per cent in 2021, as unemployment dampens the hot real estate market.