The First-Time Homebuyers Guide to Buying Your First Home

The First-Time Homebuyers Guide: Everything You Need to Know

Buying a home will likely be one of the most expensive financial decisions you’ll ever make. For that reason, it’s no wonder why purchasing a home is often a very lengthy process and a stressful one as well. 

For first-time homebuyers, it tends to be that much more time-consuming and stressful.

For first-time homebuyers there can be a lot of unknowns and uncertainty they come across when they start purchasing a home. Unfortunately, there are a lot of things you learn along the way and only realize while you’re going through it.

This is exactly why both knowing and taking the right steps is extremely critical – it makes it all a little more bearable; ignoring the necessary steps makes it worse.

Beyond browsing listings and getting excited for the day you get the keys, there are some additional key bases to cover – here are eight critical steps you’ll need to take when buying a house.

1. Do your research and do it early

Market research

If you’re unsure of where to start researching, a good place to start would be to look at things such as housing prices, neighbourhoods, types of homes available, and other house-focused variables (bedrooms and bathrooms come to mind…). Gaining familiarity will not only help with the raw facts of the situation but will also better prepare you for the inevitable ups and downs in the buying or selling process.

Real estate can bring up a lot of emotions; build up your knowledge so emotions don’t get the better of you.

Legal and financial research

Next, you’ll want to familiarize yourself with any legal and/or financial requirements.

You’ll want to have precise information for things like:

  • ➜ Appraisals
  • ➜ Home inspections
  • ➜ Homeowners insurance
  • ➜ Financing options (including the down payment)
  • ➜ General closing costs
  • ➜ Lawyer and other legal fees
  • ➜ Realtor fees
  • ➜ Mortgage fees

This list isn’t completely exhaustive – your realtor and lawyer can provide you with a full list depending on your unique situation – but starting with these must-have items will help you ask the right questions in order to get the right answers.

Understand the costs

Lastly, make yourself aware of the different types of costs, such as upfront costs, ongoing costs, and major repairs.

Upfront costs include:

  • ➜ Down payment (consider using a Shared Equity program to assist you with this)
  • ➜ Closing costs, and
  • ➜ Taxes, etc

Ongoing costs would include:

  • ➜ Mortgage payments
  • ➜ Condo fees (if applicable)
  • ➜ Homeowner insurance, and
  • ➜ Property taxes

Costs for major repairs might include roof replacements, foundation repairs, or other large cosmetic changes you choose to make to the house (for example, updating the kitchen).

The goal here is to ensure you’re well-prepared for what’s ahead. That way, you don’t jump in with a blindfold on. Buying a house is one of the most important financial decisions you’ll make in your life, just remember that when you’re doing your research.

2. Understand your budget and how much you can realistically afford

Buying a house will ultimately cost more than the accepted purchase price. It’s crucial to get a realistic understanding of how much you can afford to spend on your home without compromising your financial health.

When assessing your budget, be realistic with yourself for where you are right now. While you can also think about how future potential earnings, expenses, and debts will fit into the equation, don’t make decisions on hypothetical data points.

A useful tip is to be very mindful of the not-so-obvious costs such as home inspections, moving fees, mortgage loan insurance (if required), legal fees, appraisal fees, and more. Again, this is why doing your research ahead of time will keep you way ahead of the game.

As a starting point, most lenders will recommend homes costing between 3-5x the amount of your annual household income if you’re making a 20% downpayment. If you’re putting down less as a 20% downpayment, scale the house cost down to about 2-4x your annual household income since you’ll have to pay mortgage insurance and end up taking on more debt as a percentage of house cost.

3. Get pre-approved for your mortgage

Once you’ve finished creating your budget, it’s time to meet with a mortgage broker or lender. This is where you’ll start discussing things such as financing options, mortgage terms, interest rates, and more.

While a budget gives you a snapshot of what you can afford, pre-approval is the amount that a lender is willing to give you. Getting pre-approval means going through a qualifying process that will look at things like your credit history, employment history, and current earnings.

While you could theoretically apply for a mortgage after you find a home or make an offer, this isn’t recommended because mortgage approvals can take a long time. If you don’t come with a pre-approval, you might miss the perfect home in a hot market.

Further, pre-approval helps make your budget that much more realistic, helping narrow your search down to a specific home type, size, or neighbourhood.

Before you get pre-approved, your mortgage broker or lender will require some critical info to review how much you’ll be approved for. Here’s what you’ll need to bring with you:

  • ➜ Government-issued photo IDs (with current address)
  • ➜ Proof of address (and history of previous addresses if you recently moved)
  • ➜ Employment history including contact information for your current employer
  • ➜ Proof of income
  • ➜ Proof of down payment
  • ➜ Proof of savings and investments
  • ➜ Details of your current debts and other financial commitments

Be honest with your agent or broker in this process. If you give incorrect information and get pre-approval, you risk losing the mortgage when the time comes and the bank completes its due diligence.

4. Find an agent and shop for your home

Once you’ve gotten through the first few steps, it’s now time to have a little bit of fun.

If you haven’t found an agent yet, it’s a smart move to find one before attending open houses because it makes the process easier. For example, if you attend an open house and fall in love with it, having an agent means you’re able to move forward with putting in an offer. Whereas if you go to an open house but don’t have an agent, you might need to backpedal a bit and go find one before you can do anything.

Your real estate agent’s role will be to:

  • ➜ Help you find homes that fit your criteria
  • ➜ Tell you about the community and neighbourhoods
  • ➜ Submit an offer on your behalf
  • ➜ Negotiate prices and conditions on your behalf

The worst thing you can do when searching for an agent is not asking questions such as: 

  • ➜ How much do you charge? 
  • ➜ How do you typically communicate with your clients? 
  • ➜ Do you have any guarantees? 

Take it as a learning opportunity, and a way for you to determine if your prospective agent is really working in your best interest and a good fit for your situation.

When you start your search, try to look for something that you can see yourself living in for the next 5-10 years. While this isn’t always an easy thing to do depending on your financial situation, it’s recommended. The last thing you’ll want to do is have to relocate over and over again every time you increase your net worth.

Key things to consider while you’re on the hunt for your new home include: 

  • ➜ Location
  • ➜ Size of the home
  • ➜ Special features of the home
  • ➜ Your lifestyle 

Your mortgage pre-approval will help you narrow down on these criteria to see what’s within reach.

The home you choose, or the home that chooses you, will have an impact on your finances and your overall lifestyle for many years to come. 

Don’t rush the hunt, instead take the time you need to make the best decision for yourself and your family.

5. Make an offer on your future home

You’ve done your research, created a realistic budget, received your pre-approval, and found a home you can see yourself living in.

Now what?

Well, now it’s time to make an official offer on your – 🤞fingers crossed🤞 – future home!

This is now where you’ll be working with your agent to provide an offer of purchase on the home and to negotiate prices (and other terms) based on comparable homes and market conditions.

Your offer of purchase is a legal contract between you and the seller, so it’s important to make sure it’s carefully prepared by your agent and/or lawyer.

Here’s what you should include in your offer:

  • ➜ Your legal name, seller’s name and the address of the property
  • ➜ The offer amount (purchase price of the home)
  • ➜ The amount of your deposit
  • ➜ Additional items to be included in the purchase (appliances, furniture, etc)
  • ➜ Closing date (the date you’ll be taking over possession)
  • ➜ Request to survey the land and property
  • ➜ Expiry date (the date when your offer expires)
  • ➜ Any other conditions that must be met (inspections, lending approvals, etc)

6. Get your mortgage approved

Once the seller has accepted your offer, it’s time to visit your broker or lender to finalize the details of your mortgage.

Before making that visit, make sure to carefully review any conditions that were included in your offer and double-check what you’ll need to bring to the meeting. Chances are you’ll need the following:

  • ➜ The property listing (and or photographs of the property)
  • ➜ Estimated costs for any recent or planned home improvements
  • ➜ The description of the property (includes dimensions, sizes, unique features, etc)
  • ➜ An appraisal
  • ➜ A home inspection report
  • ➜ An assessment of the property taxes
  • ➜ A land survey
  • ➜ Heating and utility costs associated
  • ➜ Condominium fees (if applicable to your property)
  • ➜ Lastly, the signed offer to purchase your new home!

If you need anything else, your mortgage broker or banker will let you know, as specifics will depend on your unique situation. If you’re concerned, ask upfront during the pre-approval process if a certain situation in your financial life will affect your mortgage application.

7. Close the deal

At closing, here’s where you’ll sign all of that fun paperwork to make the purchase official! This process typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender.

Closing day is when you finally take legal possession and get the keys to your new home.

8. Relax, smile, and enjoy your new home

You’ll be able to relax even more after following the above 7 steps.

Remember, being a homeowner is both an investment and a commitment. Your hard work doesn’t stop once you get the keys. It’s up to you to make sure that you’re taking care of your home, paying your bills, and even looking for opportunities to continue improving your home’s value through renovations and home improvements. 

What does a mortgage broker do - ARCH

What Exactly Does a Mortgage Broker do?

Whether you’re a first-time homebuyer or you’re renewing the mortgage on your existing home, you have a very important decision you’ll need to make when buying your home: where to get the best deal on your mortgage.

For most Canadians, the default options is to get their first mortgage from their local bank branch, then just keep renewing it with the same bank every five years. Sure, this approach is fairly easy, and the experience is great but it’s always best to do your research before committing to any one particular lender. 

A popular alternative is to use a mortgage broker.

Mortgage brokers do not work for the big banks. Instead, he or she works for a mortgage brokerage that has access to many lenders, including banks, credit unions, and dedicated mortgage lending companies. The role of your broker is to shop around, finding you the absolute best mortgage for your situation from all of the available options.

When you use a mortgage broker, there’s still a chance you’ll end up with a mortgage from one of the big banks – but only if they have something great to offer you. Your broker will help you sift through all the options, help you comfortably decide on what’s best for your situation.

Here are some of the advantages of working with a mortgage broker:

Save time… lots of it

Rather than spending time on doing the research when it comes to rates, terms, and all of the other fun things, a mortgage broker will do all the shopping and comparing for you. You’ll be presented with an option or two, or even three that make the most sense for your situation. You’ll also have someone who can explain all the ins and outs so you can make a comfortable and informed decision without needing a Ph.D. in personal finance. Phew! 

Save money… lots of it

There’s a lot of misleading advertising from lenders trying to bait people with low-interest rates. A mortgage broker can help you figure out what’s what and, in many cases, will be more successful in finding and negotiating the best rate for you.

While the interest rate is very important, it’s actually not the only factor you’ll need to consider in the overall cost of a mortgage. For example, different lenders have different rules about how much you can prepay and when, or what happens if you need to skip a payment.

Even more significant are mortgage breakage fees. Life happens, and a great number of people end up breaking their mortgage before the maturity date. If you have a variable rate mortgage, the breakage penalty might be a few thousand dollars. If you have certain varieties of fixed rate mortgage, the penalty could be in the tens of thousands of dollars. A good mortgage broker will make sure you understand all of these details before you sign.

Save grief… lots of it

When you’ve started the home-buying process, there’s nothing worse than needing a mortgage but running into trouble qualifying for one. The major Canadian banks typically have the least lenient lending policies and can be especially befuddled by people with non-standard situations, such as those who are self-employed or those who are financing an investment property.

This is another area where mortgage brokers can help. With access to smaller, more specialized lenders on top of the big banks, your broker has a lot more options to get you the financing you deserve. Sometimes people find they can start with a short-term mortgage from a specialized lender then switch to a mainstream bank once they are more established. Mortgage brokers can make this type of scenario possible.

Some food for thought

Purchasing a home (whether it’s your first or not) is likely one of the largest financial decisions of your life, and a mortgage is a huge financial commitment. That’s why it’s generally a mistake to “jump the gun” and accept the very first offer that comes your way. There is zero risk in exploring a wider range of options outside of your local bank, and that often involves the aid of a mortgage broker. 

It’s important to keep in mind that mortgage brokers work on commission which is generally close to 1% of the value of your mortgage. So, for example, a $500,000 mortgage comes with a $5,000 commission cheque for the broker. This creates an incentive for them to get you the biggest mortgage they can. 

Here at Arch we work several leading mortgages brokerages and brokers across the country who can help get you into your first (or second) home by working closely with you to understand the full scope of your needs. If you’re looking for a mortgage broker to work with, our team can help connect you to the right firm and professional that will put your best interests forward. 

HomeVault Digital Document Vault - FutureVault

Partnering With FutureVault to Provide a Home for Documents

Here at ARCH, it’s part of our mission to provide value and empower first-time homebuyers well beyond the initial down payment and home financing piece.

We’re focused on helping homebuyers across Canada feel confident in the steps they need to take toward homeownership, as well as the steps they then need to take after the “deal has closed” where they find themselves dealing with a new set of responsibilities that come with managing and dealing with all sorts of information and documents related to organizing their life and their home.

Naturally, dealing with documents all related to the home buying and homeownership journey is a key part of the process which starts from the day you start dealing with mortgage agreements, APS documents, mortgage statements, and so forth.

In an effort to continue delivering value and providing an unparalleled experience for homebuyers, we’ve partnered with the leading Digital Vault provider, FutureVault, which will enable and allow us to deliver the HomeVault to our clients and their family members.

The HomeVault is a secure digital vault platform that allows our clients, their family members, and their network of Trusted Advisors (think lawyers, agents, financial advisors, etc.) to securely store, manage, and access all of the documents that are most important to them.

Very much like our programs help first-time buyers get into a new home, the HomeVault will provide them with a ‘home’ for their important documents where they can easily (and securely) manage personal information within one centralized location—especially as it relates to their housing documents and collateral such as APS, mortgage documents, renovation statements and invoices, home insurance policy, car insurance policy, receipts for appliances and furnishings, etc, you name it.

By providing homebuyers with the HomeVault, we’re helping them gain confidence, organization, and security of their most important documents now and well into their future, making it easy to navigate life as a new home owner.

ARCH partners with Federal Government to Support First-Time Homebuyers

Arch Partners With Federal Government to Support Affordable Homeownership

Press release was originally published via Cision Newswire.

HAMILTON, ON, Nov. 19, 2021 /CNW/ – Everyone in Canada deserves to have a safe and affordable place to call home. That is why the Government of Canada introduced the Shared Equity Mortgage Providers (SEMP) Fund, an innovative tool to assist providers of shared equity mortgages in helping eligible Canadians achieve affordable homeownership.

Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, along with Chad Collins, Member of Parliament for Hamilton East—Stoney Creek, announced details of a $1 million federal investment in the form of a repayable loan to Arch Canada, to fund shared equity mortgages that they will be providing directly to first time homebuyers in the Golden Horseshoe region of Ontario with a focus on the city of Hamilton.

Shared equity mortgages allow eligible homebuyers to reduce their monthly mortgage payment without increasing the amount they must save for a down payment. The Arch Canada shared equity mortgage is a co-investment with the homebuyer, is not interest bearing, requires no monthly payment and is repaid along with a percentage of property appreciation or depreciation when the property is sold.

Arch Canada Holdings Inc. is a recently established company that supports first-time homebuyers so they can finally realize their dream of homeownership. These buyers typically have solid, stable cash flow but are unable to save the required down payment to enter higher-priced, appreciating markets. Arch Canada is positioned to deploy $1 million in SEMP funding towards their project in the Golden Horseshoe Region of Ontario and Hamilton.

Launched in 2019, the SEMP Fund is a $100-million lending fund, administered by CMHC, that helps support existing SEMPs, attracts new providers of shared equity mortgages and encourages additional housing supply.


“Every Canadian deserves a safe and affordable place to call home. As our Government continues to make big investments in building new affordable homes across this country, we also need to find new ways to help more people buy homes today. That’s what this fund is all about – an innovative approach that can take some of the mortgage burden off homeowners and help more hard-working families find and afford a good place to call home. This is one of the ways our National Housing Strategy continues to ensure no one is left behind.” – The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion

“Affordable homeownership is a pressing concern for many young Canadians. Access to funding for SEMPs will address some of the housing supply shortages in Canada while making homeownership more affordable for Canadians. We are pleased to support Arch Canada who is helping hard-working families reach their dream of homeownership right here in Hamilton.” – Chad Collins, Member of Parliament for Hamilton East—Stoney Creek

“We are happy that the Federal Government has seen the importance of our co-investment program in helping first-time homebuyers gain that extra bit of breathing space that is so drastically needed when looking to enter todays home ownership market. This Federal investment will be an important component as we strive to help Canadians realize their dream of home ownership”. – Stephen Benson, CEO, Arch Canada

Associated links:

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC’s aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs.

SOURCE Canada Mortgage and Housing Corporation

For further information: Media contacts: Mikaela Harrison, Press Secretary, Office of the Minister of Housing and Diversity and Inclusion,; Media Relations: Canada Mortgage and Housing Corporation,

Related Links

4 benefits brokers and agents gain from using ARCH down payment program

4 benefits brokers and agents gain by using ARCH

The ever-rising housing costs and regulations around purchasing a home in Canada not only makes the dream of home ownership difficult for first-time home buyers, but it also makes the role of real-estate professionals ever-challenging.

When your clients are faced with rules and regulations that become obstacles, it means you’re also faced with figuring solutions that fit their situation, and will actually benefit them in the long run. 

One of the major challenges that has become a topic of discussion across the Nation, is down payment requirements. To no surprise, most Canadians have the liquidity to take on and carry mortgage costs, but they lack sufficient funding to put upfront for the down payment.

And if you’re clients have been faced with this, which is probably likely, you’ll know all too well how disheartening it can be for individuals and young families looking to get into their first home. 

Well, we’ve got good news!

We’re actively partnering with local real-estate networks, agents, as well as mortgage brokers and agents who are looking for new, alternative, and innovative ways to help their clients get into their first home.

The reason is quite simple.

Working together means we can help more first-time home buyers achieve their goal of becoming home owners. And without having to feel like they’ve been stretched too thin.

By partnering with us you’ll gain immediate benefits that will both help you continue to grow your business as well as make your clients happy.

Here are 4 benefits that you’ll gain:

1. Help your clients get more value

Partnering with ARCH means that you’ll help your clients access a legitimate source of funding for the down payment. Which is exactly what they’ve been looking for.

That means your clients can take a deep sigh of relief knowing they won’t have to save every penny of theirs to come up with the 5% minimum, because they’ll now have the full amount. And you know what that means? It means they won’t have to settle on the size or amount of a home, because their approval amount will likely increase as a result of having the full amount for a down payment.

And it also means that you can now become the real-estate superhero your clients have been dreaming of.

2. Convert renters to homeowners

Partnering with ARCH means that you’ll have confidence in offering home ownership support to your clients that are currently stuck, or at least feel like they’re stuck, in the rental market.

It’s time to help your clients stop paying for someone else’s mortgage and create the opportunity for them to start building their own equity.

3. Re-engage with past, previously unprepared clients

 Chances are you have dozens, if not even hundreds, of potential clients who became interested in purchasing their first home, but fell short due to the down payment requirements.

Well, now you can start re-engaging with past clients who weren’t quite ready to make the commitment due to this barrier, letting them know that the wait is up and that home ownership is calling their name. 

4. Access a trusted, professional network

When you partner with ARCH, you gain access to the various real-estate organizations that we work with, in addition to our network of qualified first-time home buyers.

We’re focused on a win-win-win approach.

The better we can help your clients gain comfort in the home buying process, the better we are able to help them reach their real estate dreams. 

Getting your clients into their first home

There’s no argument that saving up for the down payment is one of the major challenges most Canadians are struggling with when it comes to purchasing their first home.

But it doesn’t have to be, not anymore.

By having access to the full down payment through ARCH’s program, we are able to help your clients reach home owner status.  

4 direct benefits you gain from using ARCH for the down payment on your first home

4 direct benefits you get by using ARCH

With the ever-rising housing costs and the regulated requirements around purchasing a home in Canada, the dream of home ownership seems like it’s becoming a [very] one for nearly every first-time homebuyer.

While most Canadians can actually afford the monthly payments required to take on a mortgage, they lack one of the biggest components of the entire home buying process:

The required down payment.

What once used to be considered a normal thing of having the full down payment at the time of purchase, has now become a huge financial hurdle – and certainly the biggest one when it comes to purchasing that first home of yours.

Let’s put it this way…

Did you know that nearly 50% of all renters in Canada have less than a total of $5,000 to their name?

That’s hardly enough to cover just the closing costs alone.

To say it’s a massive problem is a bit of an understatement.

Even more so, the traditional ways of coming up with a down payment (savings, loans, gifts) aren’t quite as “accessible” as they once used to be.

And that’s exactly why we’ve created a new way to help first-time homebuyers just like yourself to come up with the required (and full) down payment.

Having the full down payment will multiply your benefits as a new home owner. Here are 4 direct benefits you’ll gain:

1. Get into the housing market quicker

With having access to the full amount for a required down payment, it’s [finally] time to start feeling better about the homebuying process.

As long as you’ve had those conversations with your mortgage broker and even real-estate agent, you’re ready to make the move into the housing market.

There’s no more waiting until you’ve saved at least 5% for the down payment, because you’ll have 20%. Which means you won’t need to worry about how much the marketing will increase before you’re ready to buy, because you’ll be ready to buy.

There’s no time like the present, and we’re here to help guide you.

2. Stop paying someone else’s mortgage, start building your equity

It’s finally time to stop paying rent and funding someone’s mortgage on a property that will continue to go up in value over the course of even just 5 years.

Instead, it’s time to focus on paying off your mortgage and start building your equity so that you can not only feel good about owning your home, but so that you can start building your future wealth.

3. Lower your monthly payments

 Our goal isn’t to help you out with a small portion of the down payment, it’s to make sure that you’re putting down 20% of the required down payment.

In other words, our job is to make sure that you have the full down payment.

By having the full amount to put down towards your future home, the total amount of the mortgage you’ll take on significantly decreases.

Meaning what exactly?

Ultimately, that means you’ll be paying considerably less on a monthly basis, and you’ll even avoid having to pay any sort of mortgage loan insurance that’s required to pay for anything less than a down payment of 20%. Which means, you guessed it, your monthly payments will go down even more.

Here’s the tough part…

Deciding what you’ll do with that extra money you’ll have every month. Are you focused on building your investments, saving for annual vacations, or paying off your mortgage quicker?

4. Avoid paying unnecessary interest

One of the best benefits is that you’ll pay considerably less in interest overtime.

For starters, you’re not taking on any sort of additional monthly loans to help fund your down payment. With ARCH, you pay back the initial investment when you later sell your home.

That means you won’t be taking on any monthly payments (or interest) other than what’s tied to your mortgage.

Additionally, by being able to take on a smaller mortgage, you’ll immediately decrease the total amount owing on your home, your monthly payments, and the interest you’re paying on that loan.

It’s like a win-win-win situation… but possibly even better.

Getting into your first home

There’s no argument that saving up for the down payment is one of the major challenges most Canadians are struggling with when it comes to purchasing their first home.

But it doesn’t have to be, not anymore.

By having access to the full down payment through ARCH Foundations, not only will we help you when it comes to the down payment portion, you’ll also get the rest of the benefits that come along with putting up the full amount.

Finally, something to feel better about when it comes to purchasing your first home. 

October 2020 Housing Market Update with ARCH

Canadian Housing Market Update: October 2020

According to the recent housing data published by CREA (Canadian Real Estate Association), Canadian home sales remain historically strong in October 2020. For many, the strength of the market in October continues to show no signs of slowing down any time soon, and making up for the quiet (compared to normal) activity we saw during the Spring months. Here's a quick recap of what we saw in October 2020:
  • National home sales edged back 0.7% on a month-over-month (m-o-m) basis in October.
  • Actual (not seasonally adjusted) activity was up 32.1% year-over-year (y-o-y).
  • The number of newly listed properties rose 2.9% from September to October.
  • The MLS® Home Price Index (HPI) rose 1% m-o-m and was up 10.9% y-o-y.
  • The actual (not seasonally adjusted) national average sale price posted a 15.2% y-o-y gain in October.
June 2020 Housing Update - Arch

Canadian Housing Market Update: June 2020

According to the recent housing data published by CREA (Canadian Real Estate Association), Canadian home sales and new listings were on the rise again in June. For many, this is a great sign of the economy working on recalibrating from previous slow months in April and May due to many unforeseen factors thanks to economic and societal pressures as a result of the COVID-19 pandemic.

Here’s a quick recap of what we saw in June 2020:

• National home sales rose 63% on a month-over-month (m-o-m) basis in June.
• Actual (not seasonally adjusted) activity was up 15.2% year-over-year (y-o-y).
• The number of newly listed properties climbed 49.5% from May to June.
• Actual (not seasonally adjusted) new supply stood 4.8% above June 2019.
• The MLS® Home Price Index (HPI) rose 0.5% m-o-m and was up 5.4% y-o-y.
• The actual (not seasonally adjusted) national average sale price posted a 6.5% y-o-y gain.