Canadian real estate prices are falling at one of the fastest rates ever, averaging nearly $1,000 per day last month. This has a number of lenders revising their forecasts for home prices much lower, bringing up concerns about mortgage borrowers. The good news is most people in Canada don’t have a mortgage, and even more didn’t buy at the peak. The bad news is the typical home buyer who used a government-insured, high ratio mortgage and left the minimum downpayment, might already be underwater.
Most Canadian Home Buyers Will See Little To No Impact
Today we’re going to be running through the numbers for Canadian home buyers that went with the minimum downpayment. More specifically, we’d like to get an idea of how many would have to pay to sell last month, had they bought at the March peak. The CMCH, Canada’s state-backed mortgage insurer, has custody of this data but…
