CMHC’s new restrictions and comments from Evan Siddall are doing more bad than good
CMHC recently changed its underwriting policy to make mortgage approvals more difficult for buyers, primary first home buyers. In addition to this, the outgoing chairman (chairperson) made some bold and negative comments spreading doom and gloom causing many to freak out.
I simply do not agree, nor do most in the industry, nor to even the other two high-ratio insurance providers who generally follow suit.
Sure, there were fewer sales this Spring. Correction, WAY fewer sales but prices did not decline. They actually went up.
What do you think?
Who knows, inflation will likely kick in causing some challenges but I feel that his statements were negligent and were just to get him attention on his way out of his finished 10-year term.