Despite being in the middle of a pandemic, Canada housing market shattered records in July. What the fall brings to the housing market will be anyone’s guess. There are still many uncertainties. Questions remain as to how the changes to the federal CERB program, which is due to change in October, and the mortgage deferral program, which is set to end around the same time, will effect Buyers & Sellers. Approx. 16% of mortgagors have deferred at least one payment. Has this put homeowners into a financial situation in which they will not recover from? I personally think there will absolutely be casualties which will result in mortgage defaults. The extent will not be known till later this year and perhaps into next.
Amongst these Canadians, are workers who have not yet been able to get back to work. The hybrid model for school reopening will leave parents without options for childcare. Those who can go work may be making difficult choices. And amongst all this chaos is whether there will be a resurgence of new cases. Let us not forget that the U.S.A. is in the middle of a presidential election!
As you can see… so many questions… not enough answers. Is it the right time to buy, sell, or hold? Will prices continue to go up or down? Each buyer or seller is unique and I’d be happy to discuss your situation in person or by phone.
If you know of someone thinking about buying or selling I’m always looking for more great people like yourself. Always here to help!