Demand-supply equation has fallen in virtually equal proportions — resales plummeted 57 per cent from March and new listings 56 per cent.
Posthaste: Realtors say on-the-ground activity defies CMHC’s ‘panic-inducing’ price plunge forecast
Realtors and market observers say Canada Mortgage Housing Corporation’s prediction that home prices could plunge 18 per cent year in a year’s time, don’t reflect the resiliency of the market and rising activity.
Similarly, Canada Guaranty said it “confirms that no changes to underwriting policy are contemplated as a result of recent industry announcements.”
Genworth and Canada Guaranty Won’t Adopt CMHC’s New Mortgage Rules
“We acknowledge the potential ‘pro-cyclical’ negative impacts on housing markets of CMHC’s decision to tighten underwriting,” CMHC CEO Evan Siddall wrote on Twitter in response to criticism. “However, the benefits of preventing over-borrowing far exceed these costs. Not acting also expos…
