{"id":16165,"date":"2020-07-24T11:11:00","date_gmt":"2020-07-24T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16165"},"modified":"2020-07-22T10:07:07","modified_gmt":"2020-07-22T17:07:07","slug":"aid-programs-becoming-a-significant-factor-in-home-prices-recovery","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/07\/aid-programs-becoming-a-significant-factor-in-home-prices-recovery\/","title":{"rendered":"Aid Programs Becoming A Significant Factor in Home Prices Recovery"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home prices are seeing considerable recovery recently, becoming a significant factor in keeping households liquid amid the COVID-19 pandemic, according to the Bank of Canada.<\/p>\n<p style=\"text-align: justify;\">Slowing insolvency growth has been driven by government and industry initiatives such as financial aid and mortgage payment postponements, said Mikael Khan, director of financial stability at BoC.<\/p>\n<p style=\"text-align: justify;\">\u201cThe fact that deferrals have been available is really, really important,\u201d Khan told The Canadian Press. \u201cUltimately what matters most when it comes to defaults is people having a job, having their incomes. What the deferrals are doing is they\u2019re essentially buying time for that process to unfold.\u201d<\/p>\n<p style=\"text-align: justify;\">These developments accompanied noticeable growth in the mortgage segment, along with a more modest uptick in household debt. Data from the central bank showed that overall mortgage credit stood at a record high of $1.68 trillion in May with a 6% annual increase, while household credit was at $2.29 trillion with 3.6% year-over-year growth.<\/p>\n<p style=\"text-align: justify;\">Khan said that the market should not lose sight of the possible dangers once the benefits have run their course, however.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen it comes to bumpiness in the recovery &#8230;.. this question that has been in the background of most of our discussions is, \u2018To what extent will we see defaults or insolvencies?\u2019\u201d Khan said. \u201cI think it\u2019s reasonable to expect some sort of increase. What we\u2019d be concerned about, there, is a very large-scale increase.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/insolvency-levels-being-kept-in-check-by-home-prices-aid-programs--bank-of-canada-331696.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Bank of Canada &#8211; Insolvency Levels Being Kept in Check by Home Prices &amp; Aid Programs<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home prices are seeing considerable recovery recently, becoming a significant factor in keeping households liquid amid the COVID-19 pandemic, according to the Bank of Canada. Slowing insolvency growth has &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/aid-programs-becoming-a-significant-factor-in-home-prices-recovery\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16165","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aid Programs Becoming A Significant Factor in Home Prices Recovery &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/07\/aid-programs-becoming-a-significant-factor-in-home-prices-recovery\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Aid Programs Becoming A Significant Factor in Home Prices Recovery &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home prices are seeing considerable recovery recently, becoming a significant factor in keeping households liquid amid the COVID-19 pandemic, according to the Bank of Canada. 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