The big news this week came from the Banks. First of all the earning reports were significantly ahead of where the projections were, with the top 3 banks earning profits in the last 90 days of 9.5 Billion (yup with a B). As much as COVID has wreaked havoc with our day to day lives and the government spending, the banks were prepared for far worse; the amount of money the banks set aside for dealing with 'bad debt' (people not being able to meet their lending) has been slashed by all the banks who have released their numbers. So far, CIBC actually reduced their ‘bad-debt’ allowance by 98%! And the last point of strength for the banks is the introduction of the Stress Test version 2.0 that will be going into effect June 1st, basically making buyers qualify at the minimum qualifying rate (currently 5.25%) or their rate + 2%. I’ve been told anecdotally, that this should reduce home shoppers buying power by approximately 4%; which is pretty negligible in the big picture.

Tune in and listen to this week's 5 biggest takeaways from Sudbury's real estate market activity!🎧

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