The rise of people using private lenders for their mortgage in Canada may spell trouble amid falling house prices and rising interest rates.
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as someone with a home, I keep hearing this is going to happen but it never does. When is the collapse going to finally happen???
Demand is still too high though and immigration is fueling that fire big time. My friend and his fiance are putting in offers on homes in Scarborough and the sellers are getting tons of offers, almost all of which are over asking. The only way prices will come down is if there’s a tsunami of sellers (and/or defaults).
Raise the interest rate by 10%. Only then I will be able to afford a townhouse in GTA
If you can’t afford one at 6% you will never qualify at 10%… Prices won’t drop that much so that’s just wishful thinking.
@Gary Stavely I can not afford $1.2 million townhouse in Oakville… may be I can get a deal once these foreclosures starts happening.
what does he want? to scoop up the properties?
Be aware of what you can afford??? The average Canadian can’t afford anything!!!
These days I can’t even afford tomatoes
50 year mortgages on the way.
The defaults will be coming for 4 years. Anyone that has to renew is looking at higher interest rates. This really sucks but if the government keeps it’s promise and does not further increase rates this year it will reduce the problem. If the government was responsible for it’s actions it would admit that it was the cause of this inflation by flooding the economy with money it did not have. Now we all have to pay for this incompetence.
What’s stopping landed immigrants and dual citizens with mortgage fraud drawing on the line of credit and then fleeing at the coming downturn with the banks money??
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What might the impact be on institutional investors such as pension funds that have put a lot of money into real estate?