Can the current housing market continue even with the impact of Covid-19? Absolutely, but we must address one key issue.
Canada currently has a major deficit in housing with the country needing an additional 150,000 homes. The large influx of immigrants is proving to be a bit challenging for builders. Can the current housing market continue like this?
The general consensus suggests that increasing down payments will help the market. However, without physical housing increased down payments will not be as effective. Perhaps then, it is the process that needs to be changed or enhanced. Canadian builders spend too much time handling different processes to secure approvals on building. Thus, hinders the capability of building homes at a timely rate. In other words, if we can decrease the time it takes for builders to secure approvals, then we might be able to meet the increasing demand for housing.
Will the market continue to be strong?
To answer this question, we look towards the Banks. Most banks will anticipate the market by changing certain programs. Currently, we can see that self employed programs are being revisited and enhanced by banks. In addition to the banks, Canadian insurers also offer good insight on the strength of the market. Insurance policies and programs will also often change when the market starts to show some strength.
Both of these examples highlight the confidence seen in the Canadian consumer ability. This confirms the speculation of a strong market since the banks are anticipating the continued growth of the market. According to the President of Residential Lending at one of our major Canadian banks, during the Covid-19 pandemic, 80% of Canadians had actually built wealth. There is currently 200 Billion Dollars sitting in Canadian Chequing accounts.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at firstname.lastname@example.org or at 604-802-3983.
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