{"id":16400,"date":"2020-09-04T11:11:00","date_gmt":"2020-09-04T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16400"},"modified":"2020-09-01T10:44:24","modified_gmt":"2020-09-01T17:44:24","slug":"canadians-may-be-forced-to-sell-their-homes-once-benefits-aid-end","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/canadians-may-be-forced-to-sell-their-homes-once-benefits-aid-end\/","title":{"rendered":"Canadians May Be Forced to Sell Their Homes Once Benefits &#038; Aid End"},"content":{"rendered":"<p style=\"text-align: justify;\">A housing inventory surge will likely precede a predicted arrears spike once payment deferrals end, according to a Better Dwelling analysis.<\/p>\n<p style=\"text-align: justify;\">With the total balance of mortgage payment deferrals reaching $247 billion as of the end of the second quarter, Canadians have come to heavily rely on lenders\u2019 deferral options to stave off the worst economic impacts of the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">However, these well-intentioned programs had the unintentional effect of providing a false sense of security.<\/p>\n<p style=\"text-align: justify;\">\u201cSince people haven\u2019t seen any defaults or distressed sales &#8230;.. people now think housing markets have no risk,\u201d Better Dwelling said. \u201cThis is only temporary. As these deferrals expire, we approach the cliff. Once we get there, a significant number of people that haven\u2019t got back on their feet will start to surface.\u201d<\/p>\n<p style=\"text-align: justify;\">The widespread lack of liquidity will become more apparent in the first few months of 2021, with arrears manifesting on January at the earliest. In the interim, many struggling Canadians will be thus forced to put up their properties for sale.<\/p>\n<p style=\"text-align: justify;\">\u201cThe inability to pay doesn\u2019t always turn into defaults when there [are] buyers,\u201d Better Dwelling said. \u201cInstead, people list their homes for sale and hope it sells and closes before the lender tries to claim it. &#8230;.. We should see a spike in inventory first.\u201d<\/p>\n<p style=\"text-align: justify;\">And while improved supply would be a good thing generally, it will introduce grave risks in the context of a post-deferral market.<\/p>\n<p style=\"text-align: justify;\">\u201cRising inventory tends to give buyers more options, which turns into longer selling times. When you can\u2019t dispose of your home in a timely fashion, that\u2019s when defaults rise,\u201d Better Dwelling said. \u201cRising inventory is expected later this year, and defaults are forecasted to climb next year.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/housing-inventory-could-swell-when-deferral-period-ends--analysis-332706.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Housing Inventory Could Swell When Deferral Period Ends<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A housing inventory surge will likely precede a predicted arrears spike once payment deferrals end, according to a Better Dwelling analysis. With the total balance of mortgage payment deferrals reaching &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/canadians-may-be-forced-to-sell-their-homes-once-benefits-aid-end\/\">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-16400","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadians May Be Forced to Sell Their Homes Once Benefits &amp; Aid End &#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\/09\/canadians-may-be-forced-to-sell-their-homes-once-benefits-aid-end\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadians May Be Forced to Sell Their Homes Once Benefits &amp; Aid End &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A housing inventory surge will likely precede a predicted arrears spike once payment deferrals end, according to a Better Dwelling analysis. 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