Canadian homeowners have weathered the current credit cycle much better than the country’s bank regulator expected a year ago.
Barry Fenton, president and CEO of Lanterra Developments, joins BNN Bloomberg to discuss the top headwinds facing Canada's home market.
While it’s too soon to “declare victory,” he said, “we’ve been pleasantly surprised at how well it’s worked out,” adding that stronger underwriting standards have helped. Ottawa also said it will begin allowing mortgage default insurance on homes worth as much as C$1.5 million , an increase from the current cap of C$1 million. As long as buyers purchase insurance, they’ll be able to bid on more expensive homes even if they have less than a 20% down payment. Those changes will take effect Dec. 15.
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