Record-low Supply and Interest Rates Fuel Record October Home Prices

Sales were up 32.1% year-over-year and set a new record for September by a margin of 14,000 transactions, according to CREA.

Record-low Supply and Interest Rates Fuel Record October Home Prices

The Canadian Real Estate Association reported the average sale price at $607,250 for the month, an increase of 15.2% from a year earlier.Removing the high-priced markets of Toronto and Vancouver, the national average price was $480,250, up 19.5% from a year ago.

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Why the run of record-low mortgage rates may be ending

According to a popular weekly survey that’s been around since 1971, mortgage rates have hit a record low — for the ninth time in 2020.

Why the run of record-low mortgage rates may be ending

The government-sponsored companies, which buy or guarantee most U.S. home loans, initially told lenders in mid-August that a 0.5% on refinance loans would take effect on Sept. 1.

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