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