“One of the problems that new to Canada people face is the expectation that they would have been in their job for some length of time and the difficulty to get an employer to declare someone full-time permanent,” Layth Matthews, a broker with Rate Miser, told MortgageBrokerNews.ca. “A lot of people are putting together their livelihoods on contract work and, frankly, that’s probably as secure as everything else.”
And due to the difficulty of getting a mortgage through the big banks, due to these very reasons, many turn to brokers; many of whom – along with lenders – specialize in hard-to-place B-type deals.
“I think any business coming from people abroad is good for the mortgage industry and good for the country as well; I do get the occasional application and usually we have to have 35% down and the rules seem like they’ve gotten even stricter in the past few years,” Matthews said. “If Donald Trump gets elected, it could be a big market; I’m just kidding, sort of.”
Canada is one of the most sought-after countries by immigrants. Priceonomics.com recently crunched immigration data – taken from respective countries’ censuses – and determined Canada currently sits third among the 50 most populous nations.
According to the data, 21.8% of Canada’s population is made up of foreign-born citizens.
And Canada’s status as a leader in attracting immigrants will likely continue. Which is good news for brokers. According to thePriceonomics.com report
“Canada (21.8%) is unique among the countries with a high foreign-born population in that there are few signs of increasing xenophobia. Canada has welcomed Syrian immigrants at a rate unlike any other country, and only a small minority of the country sees immigration as more of a problem than an opportunity.”
Canada is one of the world-leaders in terms of immigration, and it will be good for brokers if that trend continues, according to one veteran.