Monday, May 25, 2020

Many Canadian Mortgages Soon Underwater




A few highlights
  • CMHC warns first time buyers to be extra careful in the amount of debt you are taking on. Even a small downturn could be serious.
  • 12% of insured mortgages are on deferral, expected to increase to 20%
  • Homea are expected to fall quickly in value which would be amplified by forced sales
  • CMHC forecasts decline in prices of 9 - 18% in the next 12 months
  • House prices not expected to recover until 2022 at the earliest
  • A lot of mortgages will be greater than the market value of the home meaning those mortgages are now 'under water'


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