Canada Mortgage and Housing Corporation (CMHC) is predicting that home prices won't recover from COVID for at least 2 years. Here is a link to the story, by clicking here.
The CEO of CMHC, Evan Siddall says:
...preliminary figures indicate that about 10 per cent of homeowners across Canada have chosen to defer their mortgage payments, although the rate seems to be higher in parts of the country that rely heavily on the oil and gas industry.
"Tens of thousands of Canadians are having trouble meeting their mortgage commitments," Siddall said.
A discussion on the current market from BNN is below as well.
As banks and other mortgage lenders get tighter or more restrictive with issuing new loans, increased leveraging probably isn't going to push prices higher this time around in the economic cycle.
If you are in financial trouble and needing to sell your home now or soon, please reach out to me to discuss your options. Relatively little active listings on the market in the Fraser Valley means less competition for the sale of your place, for now. There are home buyers out there actively looking to buy, but have a little to choose from at the moment. Your listing thus would stand out more today.
There are ways to ensure health and safety while trying to market and sell a house, townhouse or condo today. If we happen to see a flood of new listings in the fall months, it might be tougher to sell your home then.