At the end of Q2, the total balance of mortgage payment deferrals was in the range of $247 billion nationally, meaning many Canadians have been relying on lenders’ deferral options to decrease the effect of the COVID-19 pandemic on their finances.
Better Dwelling is predicting that there will be a spike in mortgage arrears when the deferral period ends and some people, who aren't yet working or back on their feet, will not be able to make their mortgage payments and have to sell their home or look at further alternative options. This is expected to cause a surge in housing inventory in the market.
And while in the GTA we welcome an increase in inventory, having many properties suddenly listed in a post-deferral time (during a pandemic) might mean slower selling times for sellers, while offering way more choice for buyers.
If you have any questions about buying or selling real estate in the GTA, feel free to reach out - I'd be happy to chat. Book a 30-min call today.