Original Article Source Credits: The Motley Fool, https://www.fool.ca

Article Written By: Vishesh Raisinghani

Original Article Posted on: January 21, 2021

Link to Original Article: https://www.fool.ca/2021/01/21/the-bank-of-canada-could-trigger-a-housing-market-boom

At 10 am eastern, the Bank of Canada made its first interest rate decision of 2021 and presented its newest base-case projections for inflation and growth in the Canadian economy as part of its quarterly Monetary Policy Report.

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The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing.

The Canada Mortgage and Housing Corporation (CMHC) is making changes to its insured mortgages. These tighter underwriting standards may make it more difficult for some to qualify for mortgages with less than a 20% down payment.

You may have read conflicting real estate forecasts recently regarding the housing market. The Canada Mortgage and Housing Corporation (CMHC) reported that house prices are poised for a dramatic drop, that mortgage deferrals could continue to rise, as might arrears.

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