Latest in Mortgage News: Toronto and Vancouver Home Sales Up 25+% in October

The postponed spring housing market has extended its run into the fall, with home sales in Toronto and Vancouver up 25% and 29% respectively. The average selling price for all home types in Toronto rose 13.7% to $968,318, while detached home prices rose 14.8% to $1.204 million. In Vancouver, the MLS Home Price Index composite benchmark price for all property types rose 6% to $1.045 million. Montreal saw a 37% jump in sales, while home prices were up 21% for single-family homes and 16% for condos. Genworth MI Canada, now known as Sagen MI Canada, has entered into an agreement with Brookfield Business Partners L.P.

to purchase the outstanding shares at a price of $43.50 each, a 22% premium on the company's closing share price on October 23. The deal was approved unanimously by the company's board of directors, except for one director who was recused due to a conflict of interest. The average amount of financial assistance sought by first-time buyers is $44,500.