CREA says the average price can be misleading because it is easily influenced by sales of expensive properties in big markets like Toronto and Vancouver. All 20 of the biggest housing markets in Canada had a higher HPI number in July than they did in June. "In just three short months, Canadian resale activity and average prices have not just popped back to above pre-pandemic levels, but to new record highs," he said. "Depending on the progress of the broader economic recovery, this could bring significant headwinds to housing markets, particularly prices." Bank of Montreal economist Robert Kavcic is also of the view that the housing market can't continue to defy expectations during a recession forever.

Source: CBC News August 17, 2020 13:37 UTC