Langstaff Gateway Condos price list. Canadian real estate still faces severe challenges! The COVID-19 epidemic in Canadian provinces rebounded sharply, and even confirmed cases in some regions broke the previous record in May, coupled with uncertainties such as the reopening of schools, the situation is not optimistic.Please Visit: Langstaff Gateway Condos price list to Get Your VVIP Registration Today!
In yesterday’s article, Lao Bai shared with you about the sharp rebound in real estate sales in the Greater Vancouver area in August. In fact, not only in Vancouver, but also in other major parts of Canada, including Montreal, Toronto and Ottawa, there has also been a retaliatory rebound in the real estate market in the past two months, and some cities have even fully made up for the decline in sales in previous months.
However, while many people related to the real estate industry cheered for the recovery of the market, Lao Bai strongly suggested that we still need to maintain a heart of awe and a cool head, because the negative impact of the COVID-19 epidemic, which is still endless, on the Canadian economy as a whole may be long-term. Today, Lao Bai will analyze two negative hidden dangers for you, hoping to help you restore a calm, objective and ordinary mind.
On Friday, September 4, yesterday, Canada’s six major commercial banks announced the number of customers still using the deferred loan policy, which reached 510530, compared with more than 740000 users when the policy was first introduced in March. In other words, over the course of six months, about 240000 loan users have emerged from the debt shadow and started to repay their loans, but more than 500000 of households may still be in the midst of a debt crisis.
As we all know, many families of other ethnic groups in Canada have different financial and spending habits from us Chinese. Although many families of other ethnic groups have a high income, they may have very little surplus food. In the event of a decrease in cash income but not much savings, it is often difficult to support them for long.
Canadian media warned that if the central bank and major commercial banks do not take positive measures to rescue these families, there may be a large number of “newly sold” houses, that is, rigid houses that need to be sold in the future. this may even lead to a small-scale “subprime mortgage crisis” in Canada.
The data show that the total amount of these 510000 mortgage households involved is C $136.27 billion, even if all go bad will not break the Canadian banking system, but it is inevitable to be hit hard again. But people are most worried about the housing sell-off, and the chain reaction will not be easy to control. That is why many people have called on the Canadian government to extend its mortgage assistance policy.
Of the banks that have released data, 41.27 billion of RBC’s loans have been extended, 33.3 billion of CIBC’s loans have been extended, and 17.25 billion of BMO’s loans have been extended. Canadian media even pointed out that Canada’s six major commercial banks have lent money to families who should not have received loans. The leaders of Canadian commercial banks should be in a frenzy of discussions right now, because it involves their quarterly and annual reports, as well as their share prices and financial security.