WHAT'S HAPPENING IN THE TORONTO REAL ESTATE MARKET...NOW!

BABY COME-BACK

A Look At CMHC's Unprecedented $150-Billion Covid19-Provoked Mortgage Buy-Back Program And How It's Working Out...So Far!


“These events remind us all how crucial it is to have a safe and affordable place to live. CMHC exists in part to buffer the effects of events such as the COVID-19 virus pandemic, which affects the health and stability of Canada’s financial system. This is what we do. We are part of a federal team that is working hard together to ease the impacts on Canadians.” — Evan Siddall, President and CEO
THE INITIAL PROGRAM FOR $50 BILLION:
  • CMHC's ANNOUNCEMENT:

Government of Canada announces further measures to support continued lending to Canadian consumers and businesses

The Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), is taking immediate, significant and effective action to support Canadian individuals and businesses facing financial hardship as a result of the global COVID-19 virus pandemic. Today, as a further proactive and coordinated measure to bolster the financial system and the Canadian economy, the government is launching a revised Insured Mortgage Purchase Program (IMPP). 
  • PROGRAM LAUNCHED 16 MARCH 2020:

Ottawa to buy up to $50-billion in mortgages in move that harkens back to the crisis of 2008

In response to the COVID-19 virus pandemic, the federal government said Monday that it is preparing to buy up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC). Ottawa said the move is "immediate, significant and effective action" to support Canadians and businesses facing financial hardship as a result of the pandemic and its impact.
  • THE RESPONSE:

    Ten things to know about CMHC's Insured Mortgage Purchase Program

    In March 2020, the Trudeau government launched a new version of the Insured Mortgage Purchase Program (IMPP). According to CMHC's website: "Under this program, the government will purchase up to $50 billion of insured mortgage pools through CMHC." Here are 10 things to know: 1.

    CMHC to purchase up to $50B of insured mortgage pools | Advisor's Edge

    The federal government is launching a revised purchase program of insured mortgages - a move that will provide Canada's mortgage market with liquidity. Under the revised Insured Mortgage Purchase Program (IMPP), the government will purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC), the CMHC said in a release on Monday.

    Ottawa to buy up to $50-billion in mortgages in move that harkens back to the crisis of 2008

    In response to the COVID-19 virus pandemic, the federal government said Monday that it is preparing to buy up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation (CMHC). Ottawa said the move is "immediate, significant and effective action" to support Canadians and businesses facing financial hardship as a result of the pandemic and its impact.
    • THE TORONTO REGIONAL REAL ESTATE BOARD's MARCH 2020 MARKET WATCH: 

    TREBHome - Market Watch

    Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB's MLS® System in March 2020 - up by 12.3 per cent compared to 7,132 sales reported in March 2019.
    THE PROGRAM IS REVISED & INCREASED TO $150 BILLION:
    • CMHC ANNOUNCEMENT:

    CMHC Expands Insured Mortgage Purchase Program | CMHC

    The Government of Canada is expanding its revised Insured Mortgage Purchase Program (IMPP) to further bolster the financial system and the Canadian economy. This expansion is part of a suite of measures passed in the Emergency Response Act.
    • CMHC RELEASES UPDATE ON HOW REVISED PROGRAM WORKS:

    Insured Mortgage Purchase Program

    Learn how the Government of Canada, through CMHC, provides stable funding to banks and mortgage lenders to ensure continued lending to Canadian consumers and businesses.
    • THE RESPONSE:

    CMHC expands insured mortgage purchase program to $150B | Advisor's Edge

    Canada Mortgage and Housing Corp. is expanding its insured mortgage purchase program to $150 billion as part of its response to the Covid-19 crisis. The move to help bolster the financial system is an increase from an initial plan for $50 billion announced March 16.

    Canada triples potential mortgage securities buying to C$150 billion

    TORONTO - Canada is tripling the size of its Insured Mortgage Purchase Program (IMPP) in an effort to bolster funding for banks and mortgage lenders dealing with tightening in credit markets due to the economic impact of the coronavirus outbreak.

    • THE TORONTO REGIONAL REAL ESTATE BOARD's MID APRIL 2020 MARKET WATCH: 

    TRREB - TRREB Releases Mid-April Market Update

    Toronto Regional Real Estate Board President Michael Collins is reporting results for the first 17 days of April 2020, in order to provide some guidance on the impact of COVID-19 on the Greater Toronto Area housing market.

     AND HOW'S IT GOING SINCE THEN: