Predict Housing Down 18%; 1 In 5 Owners Defer Payments

One in five homeowners is expected to defer mortgage payments by Labour Day amid a forecasted decline in average home prices of up to eighteen percent, says CMHC. The agency’s CEO yesterday said mortgage rules must be tightened to curb household debt one MP called “bloody terrifying”: “As much as one fifth of all mortgages could be in arrears if our economy has not recovered sufficiently.”

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