'Normally, you don’t rock the boat when you’re already taking on water, but that’s what CMHC has done.'
That has some criticizing CMHC for picking what they say is a bad time to tighten lending standards.
One other change ― effectively barring people from borrowing money for the down payment ― isn’t expected to have much impact. Homebuyers more often get cash gifts from family than loans, and rules around private loans can be hard to enforce.
Cooper described CMHC’s move as “procyclical” ― meaning it’s likely to make the housing market even weaker in a time of weakness.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
40 new cases of COVID-19 in Alberta, no new deathsAlberta reported 40 new cases of COVID-19 on Saturday, bringing the total number of active cases in the province to 336.
Read more »
Nine new COVID-19 cases reported as cluster in northern New Brunswick growsChief medical officer of health Dr. Jennifer Russell says it is the largest number of single-day new cases in the province in the last two months
Read more »
New York City curfew lifts early following peaceful protestsNew York City is lifting its curfew spurred by protests against police brutality ahead of schedule.
Read more »