At the end of 2020, the CREA released its latest resale housing market forecast, which revealed that — despite turbulent spring months — homebuyers are on track to set a record for the last calendar yesr, with some 544,413 homes projected to change hands by December 31, an 11.1% increase from 2019 levels. Subsequently, the national…
Canada’s housing market was full of surprises this year. The average house price has risen 17% despite numerous predictions that prices would decline. Near the beginning of the pandemic, the CMHC predicted that house prices would decline 9% to 18%. However, exactly the opposite has actually happened! The experts may have been proven wrong, or…
The mortgage deferral rate is on the decline according to the CMHC. In their quarterly financial report released November 27, the CMHC reported it had deferrals on 5% of its entire portfolio of insured mortgages since September 30. That’s a decline from approximately 8% in August. The active mortgage deferral rates as of September 30 was 4%…
There may be uncertainty in the future for our country’s real estate market, but young Canadians are undeterred and remain optimistic about the prospect of buying a home. Nearly 1 in 5 Canadians aged 18-34 say the pandemic has accelerated their plans to purchase a home or investment property, according to a recent Scotiabank survey. The…
Buying a home is probably the biggest purchase you’ll ever make. Like most people, it’s unlikely you’ll pay in cash—you’ll borrow most of the money through a mortgage. Over the life of that mortgage, you’ll pay a lot in interest. Small changes in this interest can make a big difference in how much you’ll pay…
Almost 1 million existing loans have been deferred; more loans are still being taken out. More than 3/4 of a million Canadian homeowners have either deferred or skipped a mortgage payment during the COVID-19 pandemic began, to the tune of about $1 billion a month, Canada’s national housing agency says. In a report on Thursday,…
This summer, the housing market nationwide was better than anticipated; but we shouldn’t let it give us too much hope. Experts believe we won’t see the full effects of the pandemic on Canada’s real estate market until later this year. The upcoming reality check could be a painful one, according to a report on Canadian housing and mortgage…
As we begin the first fall of the decade, the 6 month vacation thousands of Canadians have taken from their mortgage payments will be over. Since the end of June, 760,000 people had put their mortgages on pause, according to the Canadian Bankers Association. And for a big portion of them, the grace period will…
The head of the CMHC delivered a particularly discouraging forecast while testifying remotely before the House of Commons Finance Committee back in May. Among Evan Siddall’s predictions were: Home prices could fall from their peak by 9% to 18% over the next year Mortgage deferrals could jump to 20% from 12% by September Mortgage arrears could top…
Also known as cliff vesting, it’s the process by which employees earn the right to receive full benefits from their company’s qualified retirement plan account at a specified date, rather than becoming vested gradually over a period of time. The vesting process applies to both qualified retirement plans and pension plans offered to employees. The CMHC’s CEO Evan Siddall…
