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Mortgage Broker News | 09 Jun 2016, 11:17 AM Agree 0
Bank of Canada Governor Stephen Poloz gave one of his bluntest warnings to date about the country’s housing boom, saying Vancouver and Toronto buyers should realize strong price gains probably can’t be sustained by economic fundamentals
  • Kris K | 09 Jun 2016, 01:31 PM Agree 0
    Excellent move on the part of the Central Bank with regard to the report.
  • Paul Mangion | 13 Jun 2016, 10:46 AM Agree 0
    I wish everyone just stepped back for the next 60 days from purchasing a house so we can get back to a more balanced market. People that want to change their house won't sell there house first due to fear of not finding something which only adds to the shortage of listings.
  • Jean HL | 13 Jun 2016, 10:35 PM Agree 0
    Paul, you are exactly right on the money with what you have said. I wish people would just slow down and stop and think about this "shark feeding frenzy" mentality going on in the market. I caution my buyers constantly to stop and really think before they get into a bidding war for a property. It is crazy bidding 20, 30, 40,000 over list for a property. I tell my clients if your circumstances drastically changed in six months to a year would you get your money out of that house that you overpaid for? And this idea of going in without a financing condition or home inspection can cause some serious problems. As well, paying 30-40,000 over list....what happens if the mortgage appraisal does not come in at what you paid for the house? Can the ordinary person afford to come up with difference? Is that why we are seeing houses that we thought were sold coming back on the market a week or so after we thought they were sold? Hhhmmmm??? Interesting! First time home buyers ..... keep saving your money and let's hope this market turns around and shows greater balance in the near future.
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