This week, Canada's Big Six lenders all reported that most loan-payment deferrals expired at the end of October, and most of those debts have been paid back.
As a response to the COVID-19 pandemic, Canada's Big Six lenders offered mortgage payment deferrals as a way to help cash-strapped Canadians through the pandemic.
In the Fall, there were thoughts that Canadians wouldn't have the funds to pay the banks back when the deferred payments were called, forcing those to sell their homes. The resulting sales would have ended in a housing market crash, driving down the prices in one of the hottest sellers' markets ever reported in Canada.
With news this week, experts say that the crash has been avoided, with the market expected to stay hot through the summer of 2021.
If you're in the market to buy a new home or investment property, give us a call to see what property value you should be shopping for!