10:33 AM Nov 1, 2022
“I’ve had to do four vendor take-back mortgages so far in 2022,” Halloran says, “and I’m looking ahead down the road and I’m seeing [more of] it.” “If the seller doesn’t want to reduce the price to $900,000, they might prefer to fund it, especially if they own the property outright and they’ve got a lot of equity in the property,” Halloran says.
Although vendor take-back mortgages may seem unusual to anyone who’s entered the market in the last 20 years, they have always been an option. They were last popular in the ’80s and ’90s when interest rates were high , which makes their resurgence amidst the Bank of Canada’s aggressive rate hikes not all too surprising. Securing financing has become more precarious, and some sales aren’t going through.
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