With the brisk pace of sales over the last few months, it's hard to dismiss this fall's renewed heat as just a passing phase. National home sales activity as of November totaled approximately 639 transactions, already exceeding the annual record of 2020, according to the CREA.
Also, Sales prices increased by 25% Year on Year in November, reaching an average of $720,850. Much of buyer's current impetus has to do with looming interest rate hikes, as many buyers are rushing in before higher rates take place. The latest market statistics now suggest this phenomenon might have longer to run, possibly into the first few months of 2022.
Rapidly deteriorating affordability and easing pandemic restrictions will gradually cool demand and moderate price growth for the coming year.