Barrie Housing Market after New Mortgage Rules
Thanks to new mortgage rules implemented on January 1, 2018, it’s gotten a lot more difficult to secure a mortgage. If you’re hoping to get onto the property ladder in Barrie or secure a second mortgage, you might want to avoid Canada’s big banks and other traditional lenders.
Because of stricter lending rules, the Imperial Bank of Commerce expects the number of new mortgages it approves in the second half of 2018 to be half of what it was in the first six months of the year.1
The federal government introduced new regulations in January, requiring borrowers taking out uninsured mortgages to pass a stress-test to ensure they can make their mortgage payments at a rate that is 200 basis points higher than their contracted mortgage. Even if mortgage rates never get to that level.
The new mortgage rules even apply to borrowers who have saved up a down payment of 20% or more. Before 2018, only those borrowers with a small down payment needed to pass a stress test.
It’s only taken a few months for the banks to realize that the new mortgage rules are having a big impact on sales of mortgages and other financial products.
The new mortgage rules were put into place to cool down the red-hot housing markets in Toronto and Vancouver. Unfortunately, there’s more to the Canadian housing market than Toronto and Vancouver, which means those looking to secure a residential or commercial mortgage in Barrie are going to be limited to the size of mortgage they can take out.
The new mortgage rules will also severely limit the amount of debt Canadians can borrow, refinance, and renew.
This could spell trouble for those living in Barrie or looking to move to Barrie. Thanks to a booming economy, housing in Barrie is already unaffordable for those with average incomes.
It’s not just the strong economy fueling Barrie’s strong real estate market, Barrie is just a one hour’s drive north of Toronto. It’s also just a two-hour commute to Toronto via GO Train. Would-be homeowners in Toronto who have been squeezed out of the local market are moving north and getting more for less.
To secure a commercial or residential mortgage, a home equity loan, second and third mortgages, tax arrears mortgages, or bad credit mortgages, as well as renew a mortgage and consolidate debt, the only place to turn is to Canadalend.com.
Home and Commercial Mortgages Services in Barrie
More and more people are getting turned down by traditional lenders and Canada’s big banks. If you have bad credit, no credit, unreliable income, are recently divorced, or are self-employed, it’s even harder to find the financial product you want.
If you’ve been turned down by the banks for a residential mortgage, commercial mortgage, debt consolidation, home equity loan, or any other financial product, call the mortgage professionals at Canadalend.com.
Here are some of the mortgage and financial products we provide to those in Barrie.
- Private mortgage for first-time home buyers
- Second mortgages in Barrie
- Residential mortgages in Barrie
- Commercial mortgage for businesses in Barrie
- Mortgages for those in Barrie who are self-employed
- Mortgages for those in Barrie with bad credit or no credit
- Mortgages for those in Barrie with unreliable income
- Mortgage refinancing in Barrie
- Home equity line of credit (HELOC)
- Debt consolidation in Barrie
- Home equity loans in Barrie
- Mortgages & tax arrears in Barrie
How Can Canadalend.com Beat Major Banks and Other Private Lenders?
If you’ve hit a brick wall dealing with Canada’s big banks or other private lenders, call Canadalend.com, we can help you skirt the new mortgage rules. How can we offer more extensive products and services at better rates? The big banks are federally regulated and have to follow strict lending rules. On top of that, they only offer you their own financial products. Their only goal is to get you to sign the dotted line, even if it’s not in your best interest.
Canadalend.com works with private lenders who are not tied down to the same strict lending rules the big financial institutions are. This means we can provide you with a lot more flexibility when it comes to finding the financial product you want.
Canadalend.com also works with hundreds of different lenders. This flexibility means we can negotiate the best financial product at the best rates and terms.
Canadalend.com, Securing Financial Products for Those in Barrie
Whether you’re from Barrie, Orillia, Toronto, Hamilton, Kitchener or anywhere else in the province, you know the new mortgage rules have made it very difficult to refinance a mortgage, renew a mortgage, get a first, second, or third mortgage, or take out a HELOC. That’s only true though if you use one of the big banks or traditional lenders. The independent, licensed mortgage experts at Canadalend.com can help you sidestep the new debilitating mortgage rules.
Canadalend.com is the nation’s leading low-cost private mortgage solutions provider with access to hundreds of different private lenders. Many of these providers specialize in helping those with bad credit or no credit, are self-employed, or have declared bankruptcy secure a residential or commercial mortgage, consolidate debt, get a home equity loan, home equity line of credit, and even help with mortgage tax arrears.
If you are interested in finding out what kind of mortgage you qualify for, contact Canadalend.com today or apply online and a Canadalend.com mortgage specialist will set up an appointment at your earliest convenience.
1. “CIBC expects new mortgages to halve in second half as rules bite,” Financial Post, May 23, 2018; http://business.financialpost.com/news/fp-street/cibc-reports-second-quarter-net-income-up-nearly-25-per-cent-from-year-ago.