Canadian housing markets set multiple records in July 2020
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings continued to rebound in July 2020, with new listings hitting their highest level on record for the month of July, while sales posted the highest level of any month in history.
Home sales recorded over Canadian MLS Systems rebounded by a further 26% in July 2020, raising them to the highest monthly level ever recorded.
For the third month in a row, transactions were up on a m-o-m basis across the country. Among Canadas largest markets, sales rose by 49.5% in the Greater Toronto Area (GTA), 43.9% in Greater Vancouver, 39.1% in Montreal, 36.6% in the Fraser Valley, 31.8% in Hamilton-Burlington, 28.7% in Ottawa, 16.9% in London and St. Thomas, 15.7% in Calgary, 12.1% in Winnipeg, 9.7% in Edmonton and 5.4% in Quebec City.
Actual (not seasonally adjusted) sales activity posted a 30.5% y-o-y gain in July. The 62,355 transactions recorded in July 2020 marked the highest monthly sales figure on record going back more than 40 years.
Employment continues to rebound in July
From February to April, 5.5 million Canadian workers were affected by the COVID-19 economic shutdown. This included a drop in employment of 3.0 million and a COVID-related increase in absences from work of 2.5 million.
Employment rose by 419,000 (+2.4%) in July, compared with 953,000 (+5.8%) in June. Combined with gains of 290,000 in May, this brought employment to within 1.3 million (-7.0%) of its pre-COVID February level.
The number of Canadians who were employed but worked less than half their usual hours for reasons likely related to COVID-19 dropped by 412,000 (-18.8%) in July. Combined with declines recorded in May and June, this left COVID-related absences from work at just under 1 million (+972,000; +120.3%) above February levels.
By the week of July 12 to July 18, the total number of affected workers stood at 2.3 million, a reduction since April of 58.0%.