"The housing outlook is subject to unprecedented uncertainty due to the pandemic." according to the CMHC in it's newly released special report. The Canada Mortgage and Housing Corporation says that large declines in all aspects of Housing sales, including new Construction will continue throughout this year and on until 2022. Although the current selling price is still consistent with past sales, this is unlikely to continue. Prices are likely to decline up to 18 percent in parts of the country.

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The CMHC sees house prices in Canada falling between 9 per cent and 18 per cent over the next 12 months. Evan Siddall, CEO of the Canada Mortgage and Housing Corp relayed this fact to the members of the House of Commons finance committee today. The CMHC predicts that the ratio of household debt to disposable income will rise to well over 200%.

“The resulting combination of higher mortgage debt, declining house prices and increased unemployment is cause for concern for Canada’s long term financial stability.”

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According to a article at the CBC, As odd as it might be, banks and creditors are currently being patient with consumers loaded down by debit. The coronavirus pandemic has forced this uncharacteristic behavior on them as the world tries to survive. However, lawyers and insolvency trustees are expecting this unusual situation to end this fall, when many people will no longer be able maintain their debt.

"Insolvencies were on the rise before COVID-19 struck, and debt-to-income ratios of Canadians were near their peak," said Andre Bolduc, a board member of the Canadian Association of Insolvency and Restructuring Professionals.

This crushing debit will surely effect the Real Estate market when people can no longer afford their mortgages or be able to make a down payment.

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Sales have all but disappeared, but surprisingly prices remain steady. The Canadian Real Estate Association said today that home sales have fallen 56 percent from the May's levels. This makes April the worst month for home sales since 1984.

Home sales recorded over Canadian MLS® Systems dropped by a record 56.8% in April 2020 compared to an already weakened March, with a majority of sellers and buyers having seemingly moved off to the sidelines during the COVID-19 lockdown. - CREA

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According the the HUFFPOST, Vancouver home sales have hit a 38 year low, falling to 1982 levels. However, prices were slightly up. In Toronto, sales have fallen 67 percent. Prices have also fallen by 2.5 percent according to TRREB.

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