It’s the end of another work week and everything is fine!
So what are you seeing out there? Looking at any of those new listings available on the market? Checking out stocks? Or just heading to Florida and breathing in deeply the fresh summer air?
Post your news links, thoughts and anecdotes in the comments below and have a fantastic weekend!
The good news: Mortgage rates have never been lower.
The less good news for some:
“The new rules to qualify for mortgage insurance from Canada Mortgage and Housing Corp. (CMHC) are expected to cut the maximum purchase price for borrowers of insured mortgages by up to 12 per cent, more than offsetting the drop in mortgage rates for those who can’t come up with a 20-per-cent down payment.”
Southseacompany pointed out these latest stats.
According to the Real Estate Board of Greater Vancouver the typical Vancouver home lost $7,600 in value last month.
Sales are where the big drops are being seen though, they dropped more than 30% from the previous month and more than 40% from the previous year.
Read more here.
It’s that time of the week again, Friday Free-for-all time!
Here are a few recent links to kick off the chat for the weekend:
–Big banks increase cash for bad loans
–CMHC housing outlook
–The ‘panic inducing’ Realtor
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!
They expect a 25% drop in some regions:
Canada’s national housing agency says the number of new homes being built and sold will remain below the levels they were at before COVID-19 until 2022 at least, and prices won’t get back to where they were for another two years either.
In a special report, the Canada Mortgage and Housing Corporation said Wednesday that the COVID-19 pandemic will lead to a “historic recession in 2020,” which will lead to “significant falls in indicators of the housing market.”
Just like the flu, but more so!