Evidence that Canada’s housing market is cooling has been obvious for several months, but now some economists say signs are appearing that the reckoning will be worse than they had feared.
Mortgage spreads dropped during the pandemic when lenders were eager to offer homebuyers financing, but this trend has reversed in recent months. until September. Although Magenta accounts for only a small portion of total lending, it is a big player in the subprime market, says Capital, and its decision may only be the beginning.
As financing dries up, the risk of forced home sales rises, “something Canada’s housing market has historically avoided,” said Capital economist Stephen Brown.might suggest.
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