With more businesses re-opening in the coming weeks, how the Canadian real estate market will adapt in a post-pandemic world continues to be in question. Just this past Tuesday, the Canadian Mortgage Housing Corporation (CMHC) hinted at increasing the minimum down payment from 5% to 10% for first-time home buyers. As the world opens up, it also appears that more Canadians will look to digital platforms as a means to safely buy and sell their homes. Here are some key highlights of the latest in mortgage news during the month of May:
Despite COVID-19 pushing many buyers and sellers to the sidelines, average housing prices have not plummeted and are holding steady for now.
Due to the increase of mortgage deferrals as a result of COVID-19, CMHC may be looking to increase the minimum down payment for first-time buyers from 5% to 10%.
Although the outlook for Canadian real estate continues to be uncertain, the housing market is expected to adapt as businesses begin to re-open, with many realtors relying heavily on technology to safely complete transactions.
Homewise CEO Jesse Abrams weighs in on navigating the Canadian housing market in a post-pandemic world and how the current conditions have the potential to provide more opportunity for first-time buyers.
Despite COVID-19 placing many essential services on pause, Homewise’s simple online mortgage solution continues to efficiently and safely support Canadian home buyers.