“Canadians are taking out more alternative loans, and according to FSRA, they are holding them for longer periods of time,” said RATESDOTCA.
“For homeowners squeezed by rising rates and tougher lending guidelines, private lenders can appear to be a saving grace,” said Victor Tran, RATESDOTCA mortgage expert. “However, there are risks that homeowners need to be aware of when taking out a mortgage with alternative lenders. There are significant differences between taking a mortgage from a traditional lender and taking one from an alternative lender, and these differences can cost consumers more than they might think.
The gain was mainly down to a better performance by the stock market, which lifted the value of financial assets by 3.4 per cent. This offset the drop in home prices.
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