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Mortgage Broker News | 31 Mar 2010, 12:00 AM Agree 0
One in four Canadians rely on subsidies or spend over 30 per cent of their pre-tax income on housing costs, including mortgages and rent, according to a report by the Conference Board of Canada.
  • AB Mortgage Broker | 06 Apr 2010, 04:17 AM Agree 0
    Is it really housing that's the issue? I strongly suggest it's the ease at which consumers can obtain credit. Buy now and pay later to keep up with the Jones' mentality. Every needs a roof over their head, but they don't need the 50k plus of credit debt. Flaherty needs to implement tougher restrictions. The banks are the ones handing out credit to anyone with a pulse! That said, should that loose policy get them into trouble, our wonderful Government will be there to handout another 50 Billion!! What a joke! Flaherty...pull your head out of the banks ass!
  • JIm - AB AMP | 06 Apr 2010, 06:28 AM Agree 0
    When I purchased my first home 35 years ago, Max GDS was 27% and I was making only $15M per year and nice bungalow cost $67M. I was single and barely qualified, and house rich but cash poor, just like my parents were 30 years earlier. Over time income rose and mortgage debt declined and then there were funds for other things - in the meantime we had to suck it up. What has changed except both income and house prices have risen with inflation? Clients can still qualify for what they can realistically afford - just don't take on all the outside debt to have the things they cannot afford - ie: flashy cars, RV's, expensive vacations etc.
  • BC Broker/analyst | 07 Apr 2010, 01:24 AM Agree 0
    The Cdn system is a total failure. New taxes we never had, obscene politician wages, more debate, retoric and no true decision making. Foreign investment in single detached housing in which they do not live in only hikes up the battle to try to get into housing. Low wages and third world jobs taking over local employment.

    Canadian laws limit foreign investment in airlines and other markets, why not principal residency? Stop/slow foreign ownership of homes by implementing higher downpayment requirements as well higher real estate taxes. Lower taxes for principal residency, Cdn citizenship, and downpayment for employees working for a third party employer.
  • John | 11 Apr 2010, 08:12 PM Agree 0
    AB Mortgage Broker hit it on the head, it is the other credit that is causing this problem, that th mortgage.

    If CC companies/banks had any debt requiremnets put on them, as there is in the mortgage business, there would be a serious reduction in this type of debt.

    Having said that I remember wondering if I could be a part of a commercial for over extending myself. I had a decent mortgage but was paying more on my CC and two cards. Not being able to aford to go out to supper with my co-workers taught me a very valuable leason. I carry no CC balances, and one car loan.

    John
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