New Housing Report by Mortgage Professionals Canada Examines Ongoing Market Shifts and COVID-19 Impacts Français
TORONTO, Sept. 14, 2020 /CNW/ - Today, Mortgage Professionals Canada (MPC) released its second housing market report (of an expected four) that explores changes in consumer attitudes and expectations about housing and mortgages, during the COVID-19 pandemic.
Today's report builds on the initial August 6th report, which surveyed Canadians from late June into mid July. The second edition surveys were conducted in August 2020. The survey focused on two groups: non-homeowners who think that they might buy a home during the next three years, and mortgage holders (who, depending on their situations, might have difficulty making their payments during this pandemic period).
The second edition of Rapidly Evolving Expectations in the Housing Industry, was written by MPC Chief Economist Will Dunning. The evolving data shows a continued recovery in the economy, including a substantial rebound for employment figures. MPC's new survey data adds to the discussions, finding that there are increased home-buying expectations from both non and current homeowners. The survey also finds that home-buyers remain pleased with their purchase and investment decision. While COVID-19 has had immense impacts on the overall economy, most current mortgage debt holders continue to express comfort with their current mortgage debt levels.
"We're encouraged by the new survey data, which indicated that confidence in the housing sector improved during July and August," said Paul Taylor, President and CEO of MPC. "As many Canadians become more comfortable with our new business operating environments, optimism about future economic activity appears to be buoying housing market activity and expectations for future purchases", Taylor continued.
The intent of this continuing series of reports is to monitor changes in Canadians' opinions about their own situations and their expectations about housing and mortgages during the evolving situation of the COVID-19 pandemic. As the emergency continues to evolve, so to will the decisions facing Canadians.
"In this rapidly changing environment, economic forecasting is impossible. Since March, every month has produced enormous changes in economic indicators, including the housing market," said Will Dunning, MPC's Chief Economist.
As an example, home sales were extremely low during this spring but then hit a new all-time record in July, and will very likely reach an even higher record for August, when that data is released in the coming days. Normally, we look at recent trends to provide clues about what might happen to the economy in the near future. At this time, after five consecutive months of enormous surprises, we are very likely to see more surprises.
"Our second report shows that while the recovery continues, at this point it is only partial in nature," added Dunning. "The future course for the housing market and the broader economy will of course be influenced by COVID-19, but also by changes in government programs that support consumers' employment and incomes, and policies that affect the housing and mortgage sectors. A key take-away from this report is that we need as much discussion as possible about what issues are emerging and how policies can evolve to help Canadians make good choices about housing and mortgages."
The full report can be read here.
About Mortgage Professionals Canada
Mortgage Professionals Canada (MPC) is the national mortgage industry association representing 12,000 individuals and 1,000 companies, including mortgage brokerages, lenders, insurers and industry service providers. Our members make up the largest and most respected network of mortgage professionals in Canada. MPC represents members' interests to government, regulators, media and consumers. With our members, the association is dedicated to maintaining a high standard of industry ethics, consumer protection and best practices.
The mortgage broker channel originates over 35% of all mortgages in Canada and 55% of mortgages for first-time homebuyers, representing approximately $80 billion dollars in economic activity annually. With our diverse and strong membership, Mortgage Professionals Canada is uniquely positioned to speak to issues impacting all aspects of the mortgage origination process.
SOURCE Mortgage Professionals Canada
Rita Rahmati, 647-289-9774 | [email protected]
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