A real estate sold sign is shown in a Toronto west end neighbourhood May 17, 2020. The Canadian Real Estate Association says 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 PRESS/Graeme Roy

A real estate sold sign is shown in a Toronto west end neighbourhood May 17, 2020. The Canadian Real Estate Association says 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 PRESS/Graeme Roy

Home sales shoot up 32.1% year-over-year in November

CREA says the average price is $122,000 lower excluding the Greater Vancouver and Greater Toronto Area

The Canadian Real Estate Association says 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.

But the real estate association also says home sales edged back 1.6 per cent between October and November, as the market settled into the traditionally slower winter season after COVID-19 delayed the spring rush.

CREA says 511,449 homes have been sold so far this year, putting the Canada’s real estate market on pace for a potential annual sales record.

The real estate association says the national average home price was $603,000 in November, up 13.8 per cent from the same month last year.

CREA says the average price is $122,000 lower excluding the Greater Vancouver and Greater Toronto Area.

The association says the inventory of home listings sits at a record low and is currently on track to last only 2.4 months.

The Canadian Press

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