CMHC: Latest News

By the end of the second quarter relatively few people were defaulting on their mortgages, although CMHC says it is expecting an increase in delinquent mortgages as deferral programs come to an end this fall.CMHC says that it also expects fewer Canadians to get ahead on their mortgage payments this year, compared with 2019, a trend that will add to the national level of mortgage debt by the end of this year.After interest rates were cut this year, variable rate mortgages gained popularity in April and May of this year, according to CMHC.CMHC says that as of April, 20 per cent of consumers surveyed said they were mulling moving their mortgages to a different lender — depending on how the lender accommodated them during the COVID-19 pandemic.

CMHC, as those boxed out of an unaffordable housing market compete for a limited supply of rental homes.Canada Mortgage and Housing Corp.’s new housing outlook released Thursday warns that rental market conditions in Canada are “expected to further tighten,” raising rents in major markets such as Toronto, Vancouver and Montreal.The existing rental supply is already low, CMHC pointed out in the report, and competition for these units is only getting hotter amid strong immigration levels in Canada.Data from rentals.ca shows that the average rent in Canada was just over $2,000 in March, up 10.8 per cent from the same month last year. The average monthly rent for a one-bed apartment in Toronto rose 22.2 per cent annually.Bob Dugan, chief economist at the CMHC, told reporters on Thursday that the short supply of rental homes is especially evident when units turn over in markets such as Toronto.Last year, the average rent for a Toronto unit that changed hands soared 29 per cent from the previous tenant’s rates, compared with a typical increase of around two per cent year-over-year for renters who stayed in their units, he said.“That’s because there’s not enough supply.

interest rates over the last year is starting to throttle the pace of homebuilding, the Canada Mortgage and Housing Corp. (CMHC) warned in a new housing supply report Wednesday.As the Bank of Canada’s interest rates rose substantially through 2022 and early 2023, many homebuyers were priced out of the market and home values retrenched from their pandemic-era highs.

mortgage deferrals for borrowers struggling with the financial impact of the novel coronavirus pandemic will be over for many in the fall. How many of those deferrals will turn into defaults is one of the questions hanging over the future of Canada’s economic recovery.Around 2.6 million Canadians, or just over nine per cent of credit consumers, have at least one active deferral, according to a recent survey by TransUnion Canada.

Liberals outlined in their recent fiscal snapshot. Canada’s coronavirus deficit soaring to $343B as feds warn of ‘permanent change’ to economy The fiscal and economic report released a week ago detailed the Liberals’ financial expectations, including a $343.2-billion deficit due to the COVID-19 pandemic.Parliamentary budget officer Yves Giroux says in a report that there are other numbers behind the biggest ones that MPs and senators should question.He points to projections that enterprise Crown corporations, such as the Canada Mortgage and Housing Corp.

COVID-19 levels. CMHC says the market likely won’t see a return to pre-pandemic levels before the end of 2022.Average home prices in Toronto, Montreal and Ottawa are expected to rebound sooner, starting in late 2020 and rolling into early 2021.[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]Prices in Vancouver, Edmonton and Calgary likely won’t rebound until later in the forecast period, it added.

Home builders in Regina and Saskatoon are staying optimistic about home sales, despite Canada Mortgage and Housing Corporation stating otherwise.