{"id":3737,"date":"2016-10-21T11:11:25","date_gmt":"2016-10-21T18:11:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3737"},"modified":"2016-10-17T21:00:45","modified_gmt":"2016-10-18T04:00:45","slug":"cmhc-raises-red-flag-about-housing-for-first-time","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/cmhc-raises-red-flag-about-housing-for-first-time\/","title":{"rendered":"CMHC Raises Red Flag About Housing for First Time"},"content":{"rendered":"<p style=\"text-align: justify;\">TORONTO \u2014 The head of the federal housing agency is raising a red flag about the state of Canada\u2019s real estate sector, saying affordability concerns have spilled over from the country\u2019s two most expensive cities to nearby markets.<\/p>\n<p style=\"text-align: justify;\">In an opinion piece published Monday in the Globe and Mail, CMHC CEO Evan Siddall says the agency will raise its overall risk rating for the national housing market to \u201cstrong\u201d from \u201cmoderate\u201d for the first time when it issues its housing market assessment on Oct. 26.<\/p>\n<p style=\"text-align: justify;\">\u201cAffordability pressures hurt lower-income households the most and cause real socioeconomic consequences,\u201d Siddall wrote.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/CMHC-raises-red-flag-about-housing-for-first-time.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-3740\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/CMHC-raises-red-flag-about-housing-for-first-time-300x179.png\" alt=\"cmhc-raises-red-flag-about-housing-for-first-time\" width=\"536\" height=\"320\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/CMHC-raises-red-flag-about-housing-for-first-time-300x179.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/10\/CMHC-raises-red-flag-about-housing-for-first-time.png 623w\" sizes=\"auto, (max-width: 536px) 100vw, 536px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">\u201cCMHC has recently observed spillover effects from Vancouver and Toronto into nearby markets. These factors \u2026 will cause us to issue our first \u2018red\u2019 warning for the Canadian housing market as a whole.\u201d<\/p>\n<p style=\"text-align: justify;\">Siddall said high levels of debt combined with rising house prices are often followed by contractions in the economy.<\/p>\n<p style=\"text-align: justify;\">\u201cThe conditions we now observe in Canada concern us,\u201d he wrote.<\/p>\n<p style=\"text-align: justify;\"><em>The conditions we now observe in Canada concern us<\/em><\/p>\n<p style=\"text-align: justify;\">Siddall\u2019s comments came the same day new mortgage rules introduced by Ottawa took effect. The rules require a stress test for all insured mortgage applications to ensure borrowers can still repay their loans in the event interest rates rise or their personal financial situations change.<\/p>\n<p style=\"text-align: justify;\">Until now, stress tests were not required for fixed-rate mortgages longer than five years.<\/p>\n<p style=\"text-align: justify;\">The federal government is making the change to try to stabilize the country\u2019s housing markets, particularly in Toronto and Vancouver where prices have soared.<\/p>\n<p style=\"text-align: justify;\">Siddall said he supports the measure, even though it will cut into the purchasing power of some first-time buyers.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/cmhc-raises-red-flag-about-housing-for-first-time-warns-of-toronto-vancouver-price-spillover\" target=\"_blank\">CMHC Raises Red Flag About Housing for First Time, Warns of Toronto, Vancouver Price Spillover<\/a> by Alexandra Posadzki | The Canadian Press | National Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO \u2014 The head of the federal housing agency is raising a red flag about the state of Canada\u2019s real estate sector, saying affordability concerns have spilled over from the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/10\/cmhc-raises-red-flag-about-housing-for-first-time\/\">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-3737","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>CMHC Raises Red Flag About Housing for First Time &#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\/2016\/10\/cmhc-raises-red-flag-about-housing-for-first-time\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CMHC Raises Red Flag About Housing for First Time &#8226; 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