After 2.5 months of isolation and social distancing, the GTA tentatively sets dates for reopening a few services at a time. Is the Real Estate Market rebounding already? I got you the Toronto Real Estate Market Stats for the month of May 2020.
Also, there was an interesting debate last week between a few real estate professionals, mortgage lenders, and the CMHC. Canadians looking to borrow money for a home purchase are in for some extra challenges starting July 1st 2020!
I gathered for you the Real Estate Market Update for May 2020 for York & Simcoe region AND the new CMHC Rules...
If you don't have the time to watch the short video, here are the visuals:
As for CMHC New Rules coming on July 1st 2020: In a Nutshell:
- Credit Score Higher than 680
- Highier debt / Ratio
- Downpayment can no longer be borrowed.
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