A few highlights
- CMHC warns first time buyers to be extra careful in the amount of debt you are taking on. Even a small downturn could be serious.
- 12% of insured mortgages are on deferral, expected to increase to 20%
- Homea are expected to fall quickly in value which would be amplified by forced sales
- CMHC forecasts decline in prices of 9 - 18% in the next 12 months
- House prices not expected to recover until 2022 at the earliest
- A lot of mortgages will be greater than the market value of the home meaning those mortgages are now 'under water'