Recently, Evan Sidall, chief executive officer at Canada Mortgage & Housing Corporation (CMHC), made comments about the possibility of raising the minimum down payment from 5 per cent to 10 per cent during a particularly gloomy forecast in front of the House of Commons Finance Committee. These comments were just that – comments. They were not confirmation of new policies that were currently in the works. In follow up discussions with Paul Taylor of Mortgage Professionals Canada, Sidall confirmed that this was not the time to be making major policy changes and that his comments about the change in down payment amounts was something he would like to see considered for the future.
Reactions to the pessimistic CMHC forecast from leading economists and mortgage industry lenders were similar. In fact, CIBC deputy chief economist Benjamin Tal stated to the Globe and Mail he believed Sidall was “highlighting a worst-case scenario”.
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