David Larock, a mortgage broker and president of Toronto-based Integrated Mortgage Planners Inc., said he is definitely seeing a drop-off in business in light of the new conditions, but said he’s seeing different effects when it comes to refinances versus new purchases.
Larock said this is because for a while, clients looking to refinance were breaking a mortgage with a higher rate than the refinance rate, offering a tailwind — particularly as the pandemic brought ultra-low rates to the market. This business, he said, has been hit hard now that rates are rising aggressively.Article content
On the purchase side, Larock noted it was a challenge to determine whether the slowdown in new residential mortgage originations stems from a typical summer season lull, or if more clients are in wait-and-see mode to see if prices could go lower. Clients seeking new mortgage originations have tended to be less conventional and require more flexibility. One example: the number of mortgage-seekers in the gig economy who are moving towards private financing.Article content
financialpost I don’t understand how bankofcanada hasnt thought of these increases in our mortgages is not going to cause an increase in rent. Or is JustinTrudeau going to throw more money. Way to go screwing homeowners. The “middle class” bullshit of a motto liberal_party ! cdnpoli
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