KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
╲╱

Our residential call centre is experiencing higher than normal wait times.

If you are a residential customer experiencing financial hardship due to COVID-19 and need to request a mortgage payment assistance, please submit a payment assistance request through My Mortgage.

If you are a commercial borrower experiencing financial hardship due to COVID-19, please email our Payments team at commercial.payments@firstnational.ca.

Be assured that we are committed to getting back to all of you who have contacted us.

Your patience is appreciated, and we thank you for your understanding.

Close

Resources & Insights

Original perspectives and personal viewpoints on developments and industry trends.

 

Resources & Insights

Original perspectives and personal viewpoints on developments and industry trends.

Residential Market Commentary - Hot August for home sales

Sep 21, 2020
Be the expert
First National Financial LP

Canada’s housing market has yet to take its summer vacation.  August numbers from the Canadian Real Estate Association show sales rose 33.5% compared to a year ago and were up more than 6% from July’s record setting pace.

Nearly 59,000 properties changed hands last month, making it the busiest August ever.

Prices took a hike in August as well.  The national average rose 18.5% year-over-year to $586,000.  As usual, Toronto and Vancouver had an outsized influence on the number.  When those two markets are factored out the national average price drops to $464,000, up 18% year-over-year.

CREA’s Home Price Index, which compensates for anomalies like Vancouver and Toronto, posted a 9.4% y-o-y increase.

The sales-to-new-listings ratio improved slightly in August, easing to 69% from more than 72% in July.  A little good news for buyers, but still firmly in “sellers’ market” territory.

While the summer boom has made up for the COVID induced slump earlier in the year, market watchers are looking ahead for signs of another slowdown, or worse.

Concerns continue to focus on what will happen once $267 billion in mortgage and loan deferrals expire and government COVID supports, like CERB, come to an end.