On October 15, 2020 the Bank of Canada announced, that they will stop the Canada Mortgage Bond Purchase program in the week of October 26, 2020. In their explanation the bank stated, that improved
CMHC's view of our housing market
Dated: September 29 2020
In recent past, the CMHC (Canada Mortgage and Housing Corporation) has started to double down on their idea, that the housing market in Canada, especially in hot markets like Toronto and Vancouver is in great danger of a significant correction.
As REALTORS® we cannot see what CMHC is seeing, since the trends in the market here in the Lower Mainland have shown just the opposite. Obviously we have no crystal ball, just as CMHC has non either, but we follow common sense in our evaluation of the overall housing market.
The Fraser Valley Real Estate Board, the Greater Vancouver Real Estate Board and the Chilliwack Real Estate Board have all seen significant activity levels, increasing prices for most types of real estate and an increasing demand, largely due to the record low interest rates.
I don't want to take away from correction risks in real estate at all, but the fundamentals here in the Lower Mainland including the Fraser Valley just speak to a different picture as CMHC is painting. Could the market run into a problem? For sure, every market with supply and demand could encounter problems, but these fundamentals of supply and demand are also the reason, why at least for now the market seems stable maybe even leaning towards hot.
As always, working with a professional to assess your own situation and circumstances will ultimately determine, if a move makes sense for you and your family.
The IMPACT Real Estate Group is here for you, if you would like to figure out, if this is the time for you to become active in this market.
Frank and Sherry Heitzer are partners in business and in life. While Frank was born and raised in Regensburg, Germany, Sherry was born and raised in Langley, BC. Both of them started their working liv....
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If you are only slightly interested in real estate or news, you most likely have been receiving contradicting messages regarding the housing market in Canada. The headlines so far have offered