Times Similar To 2008 Financial Crisis

Monthly home sales over Canadian MLS Systems were not as volatile in 2021 as they were in 2020, but were unstable and similar or even worse than during the 2008/2009 financial crisis, says the Canadian Real Estate Association. The report says the seasonally adjusted annualized high of 807,250 sales in March 2021 to a low of 585,250 sales in August 2021, then back up to around 650,000 by December, was not the result of lockdowns or any major fluctuations in demand. Instead, it was based on where and how many properties came up for sale and when they did, the demand was there to scoop them up. Additionally, the number of months of inventory has only dipped below two months four times in history – in February, March, October, and November of this year.