Canadian Real Estate Association says home sales hit record high in July

The Canadian Real Estate Association says home sales in July hit a record high as they continued their rebound from the lows of earlier this year when the COVID-19 pandemic froze the market.

CREA says the 62,355 sales in July 2020 marked the highest monthly sales figure on record, with data going back more than 40 years.

Sales in July were up 30.5 per cent compared with the same month a year ago.

On a month-over-month basis, sales were up 26 per cent.

The jump in sales came as the number of newly listed homes climbed by 7.6 per cent in July compared with June.

CREA says the actual national average price for homes sold in July was a record $571,500, up 14.3 per cent from the same month last year.