So far, this one has been tepid at best. The number of existing homes that sold in Canada in March was more than eight per cent below the average of the past 10 years, and 30 per cent below the peak sales level that was reached in May 2012.
But David Stafford, managing director of real-estate secured lending at the Bank of Nova Scotia, suggests that when it comes to real estate, spring is finally on the way.
OTTAWA ` CMHC is moving yet again to tighten the home mortgage
market with changes that would make it more difficult for certain Canadians to
obtain government-secured financing for real estate purchases.
The Canadian Mortgage and Housing Corporation says that as of May 30 it will
no longer insure purchases by self-employed workers without third party income
validation, and will offer no insurance on Canadians seeking to purchase a
second property.
New survey charts homebuyer attitudes, aspirations
They`re facing tighter mortgage rules, a national economy that`s growing at a moderate pace and real estate prices that continue to rise. Despite these challenges, Canadian homebuyers remain confident in the long-term bene-fits of buying a home.
In a national survey by Canadian mortgage insurer Genworth Canada and the Canadian Association of Credit Counselling Services (CACCS), 90 per cent of respondents said owning their home gave them a greater sense of emotional well-being, and that they would rather own their home than rent.
