Posted by Helena Bowen on
CREA A YEAR IN REVIEW - HOUSING MARKET 2021 Housing inventory hit an all time low, down 33% on a year over year basis, with less than 70,000 active listings heading into 2022. Market conditions were the tightest on record in 2021, sith the number of months of inventory falling to 1.6 on a national basis. The price of homes sold reached a historic high of $726,199 as measured by the composite MLS Home Price Index - a 21.2 % increase from 2020 and the biggest gain on record. Sales activity hit record high - levels with close to 667,000 homes sold over the the Canadian MLS Systems in 2021, almost 115,000 more sales than the previous annual record set in 2020.