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Canada’s national housing agency is continuing its grim forecasts for how hard the COVID-19 pandemic will hit home sales, prices and construction, including sharp drops for B.C.
But one local realtor said many people in the local real estate sector and construction industry believe Canada Mortgage and Housing Corp. is being too pessimistic.
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CMHC offers dire predictions for house-price drops in B.C. Back to video
Last week, CMHC CEO Evan Siddall told a parliamentary committee that Canadian house prices could drop by as much as a 18 per cent.
He also said that 20 per cent of mortgage holders who are deferring payments could be in arrears at the end of September, when the COVID-19 deferral period finishes, if the economy doesn’t improve.
He said Vancouver could be one of the hardest-hit places, along with Toronto and Alberta.
On Wednesday, the CMHC said home prices in B.C. could drop by 10 to 19 per cent from pre-pandemic levels, slightly exceeding its forecast range for home prices across Canada of nine to 18 per cent.
https://news.google.com/__i/rss/rd/articles/CBMiYmh0dHBzOi8vdmFuY291dmVyc3VuLmNvbS9uZXdzL2xvY2FsLW5ld3MvY21oYy1vZmZlcnMtZGlyZS1wcmVkaWN0aW9ucy1mb3ItaG91c2UtcHJpY2UtZHJvcHMtaW4tYi1j0gGQAWh0dHBzOi8vdmFuY291dmVyc3VuLmNvbS9uZXdzL2xvY2FsLW5ld3MvY21oYy1vZmZlcnMtZGlyZS1wcmVkaWN0aW9ucy1mb3ItaG91c2UtcHJpY2UtZHJvcHMtaW4tYi1jL3djbS9mNDY5MDFjMC05YTA1LTQ5ZjYtOWFkOC0wZTRhNzdiNjYyMWMvYW1wLw?oc=5
2020-05-28 00:19:03Z
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