Market conditions seem to contradict observers’ description of the Canadian housing market’s fervour as a “transitory” phenomenon, according to RBC Economics.
Taking into account the brisk pace of sales over the last few months, “it’s increasingly hard to dismiss this fall’s renewed vigour (and heat) in the market as just a passing phase,” said Robert Hogue, senior economist at RBC.
On a year-to-date basis, national home sales activity as of November totalled 630,634 transactions, already exceeding the annual record of 552,423 sales for the whole of 2020, according to data from the Canadian Real Estate Association. # SANDI HALPERN # SOLD # LEASED # REAL ESTATE MARKET
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