The head of Canada’s national housing agency isn’t done ruffling feathers. Evan Siddall, the CEO of Canada Mortgage and Housing Corporation (CMHC), a state-owned mortgage insurer, fired back at critics this morning. After his confidential email was leaked last week, some members of the real estate industry took to calling his statements “irresponsible.” The CMHC […]
Canada’s national housing agency discreetly asked lenders to curb risky lending. Evan Siddall, the head of the Canada Mortgage and Housing Corporation (CMHC) sent a confidential memo to lenders this week, requesting they tighten lending. Instead of taking the advice, the industry leaked parts of the memo. The CMHC has responded by releasing the whole […]
Canada’s first-time buyers may be in for some volatility, and they don’t even know it yet. Earlier this year, the Canada Mortgage and Housing Corporation (CMHC) warned first-time buyers that leaving just a 5% downpayment could be problematic. If the market had a sudden sharp turn, they could suddenly see their downpayment wiped out in […]
Canadian cities are starting fewer new home building projects during the pandemic. Canada Mortgage and Housing Corporation (CMHC) data shows urban housing starts fell in Q2 2020. Despite a general slowdown, Toronto continued to push to a multi-year high for new projects started. Canadian Urban Housing Starts Fall Canada’s urban housing starts fell, as housing […]
Canada’s national housing agency isn’t just forecasting price declines, they’re preparing for them. Canada Mortgage and Housing Corporation (CMHC) announced changes to its mortgage insurance. Homebuyers with less than 20% down should now expect lower debt service maximums, a more stringent credit quality check, and a ban on borrowing down payments. If those sound like […]
The head of Canada’s national housing agency rang off yet another warning to homebuyers. Evan Siddall, the head of the Canada Mortgage and Housing Corporation (CMHC), warned people to question the motives of anyone that says home prices will rise in the near-term. He does so before rattling off a list of economic pressures against […]
Canadians are suddenly short on cash for their jumbo sized mortgages. Canada Mortgage and Housing Corporation (CMHC), the country’s national housing agency, estimates over a tenth of insured mortgages are now on payment deferrals. The agency also added they expect the ratio of deferrals to nearly double over the next few months. Quebec Has The […]
Canada’s national housing agency wants to remind people there’s a limit to what they can do. Evan Siddall, CEO of the Canada Mortgage and Housing Corporation (CMHC) updated Canada’s standing committee on finance. In the update, he explained how the CMHC is using tens of billions in capital to support real estate markets. Even so, […]
Vancouver’s population growth is still booming, but the rental vacancy rate is climbing. Canada Mortgage and Housing Corporation (CMHC) data shows primary rentals saw vacancies increase in 2019. The rate of vacancy is now at the highest level since 2013, but it has a long way to go to clear that number. Vancouver Rental Vacancies […]
Toronto’s population growth is booming, but so are rental vacancies. Canada Mortgage and Housing Corporation (CMHC) data shows primary rental vacancies climbed in 2019. The rate is now at the highest level since 2015, as vacancies climb from decade lows just a couple years ago. Toronto’s Vacancy Rate Rises To Highest Level Since 2015 Toronto’s […]
