Quote:
Originally Posted by Fozzie_DeBear
I'd like to see the stats for the median house price (the price where 50% of the sales are above and 50% are below). I would expect that it would still be quite healthy...
Anyone know where to find this?
Also wondering if the sub-prime meltdown in the US is affecting the mortgage products available in Canada?
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That CREB link I posted has median prices in it as well.
The sub-prime stuff is having a slight impact in Canada, though not that much as only 2 to 5% (depending on who you talk to) of mortgages here are considered sub-prime (as opposed to what, 25% in the US?), and less than half of a percent of mortgages are in default (3 missed payments).
However lenders are just like us and react to the big flashy news story, so many of them have tightened up their lending requirements. A few lenders have gotten rid of their sub-prime programs entirely, and a few lenders that were sub-prime only have closed their doors.
For the major lenders though the brokers I've spoken with expect them to be a bit more picky and want more info for a while, but will relax back to normal fairly soon (six months maybe they said).