Real Estate Market Update for May 2020 | New CMHC rules! 

By: Gemma Leggett

Real Estate Market Update for May 2020 | New CMHC rules! 

Tags: CMHC New Rules, Real Estate Market Update May 2020

 

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. 

If you have any questions, please don't hesitate to reach out: gemma@gemmaleggett.ca /  416 824 7475