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
CMBP will stop says Bank of Canada
Dated: October 27 2020
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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 overall financial conditions for their decision to end the program.
What does that mean for Canadians? It may lead to banks tightening their lending belts. Stricter guidelines, slightly higher interest rates or even tougher lending practices with hightened down payment requirements could all be outcomes for ordinary Canadians thinking about buying/selling homes.
The BoC left itself an out, when the news release stated, that any discontinued program could be started up again if circumstances change and make the program necessary again in order to stabilize the financial system.
If you are thinking about buying or selling real estate in the Lower Mainland or Fraser Valley, please feel free to contact the IMPACT Real Estate Group directly, so we can ensure, that you know your options, before making a decision on your housing future.
Frank and Sherry Heitzer
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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