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.
Arch is a shared-equity housing program helping first-time homebuyers finally realize their dream of home ownership by providing up to 100% of the down payment. By providing the down payment, we’re helping homebuyers lower their monthly payments, avoid costly mortgage loan insurance, and get into the housing market with ease.