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Mortgage Broker News | 10 Sep 2013, 12:00 AM Agree 0
Lenders continue to make it more difficult to obtain mortgages for condominiums in Canada’s biggest market and, unfortunately, brokers may be more disadvantaged than their mortgage specialists.
  • Lior, Mortgage Edge | 10 Sep 2013, 12:35 PM Agree 0
    Brokers are not necessarily at a disadvantage when it comes to condos. It may seem that the grass is greener on the other side but I know two bank specialists who will tell you exactly the same thing... it's more difficult to do mortgages for condos in Toronto. Not only are the income requirements more strict but lenders are reducing their risk to particular buildings through cap rates, lower LTVs, and minimum square footage. It looks like a broader shift by all lenders to reduce their exposure to the Toronto condo market.
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