Housing Agency: Stress Tests and Pandemic Scenario

housing agency: CMHC routinely does stress tests to estimate what could happen under various severe conditions, but chief executive Evan Siddall said the stress tests focus on what's considered to be plausible scenarios, according to CTV. We did, back in January, look at a pandemic scenario that was not as severe as this, Siddall said in a teleconference to discuss CMHC's annual financial report for 2019. The housing agency also cautioned that the impact of the COVID-19 pandemic is unpredictable and beyond its worst-case estimates prior to the outbreak. And I'm sure that you'd understand that the realm of plausibility has expanded significantly as a result of all the experience we've had. He said preliminary figures indicate that about 10 per cent of homeowners across Canada have chosen to defer their mortgage payments, although the rate seems to be higher in parts of the country that rely heavily on the oil and gas industry. Newsletter sign-up Get The COVID-19 Brief sent to your inbox Siddall said the federal Crown corporation -- which provides market analysis for housing-related industries, mortgage insurance for lenders and funding for public housing projects -- is now revising its estimates on an expedited basis based on experience during the spring and summer. (www.immigrantscanada.com). As reported in the news.