Zakiya is a staff writer with STOREYS. She has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
“While non-bank lenders stepped in to help these borrowers earlier this year, they may be less inclined to do so now that falling house prices are further eroding borrowers’ equity and the economy has entered recession.”?), higher interest rates have given rise to no shortage of troubling real estate trends. And although the worst of rate hikes may be behind us, one economist warns that there’s more fallout on the horizon.
“On the face of it, the recent release for the second quarter does not show much cause for alarm. The share of non-bank mortgages was no higher than in late 2021 before the Bank of Canada began raising interest rates, and the share of non-bank mortgages in arrears was well within the range seen in recent years.”
“The rise in insured mortgage refinancing with alternative lenders suggests many borrowers are no longer able to pass the stress tests at their original provider,” Brown explains. Brown also warns that the coming months will see an increase in the number of insured mortgage holders struggling to refinance.
The announcement closely follows the release of the City’s latest housing report, which includes recommendations for ‘transforming’ Toronto’s housing system and bringing more affordable stock to market.To make sure their offerings get seen by a shrinking pool of potential buyers, residential builders have started to put more effort into advertising and promotions.Timeless Lake Of Bays Cottage Sits On A Classic ‘Group Of Seven’ LotMeet The Agent: Carolyn Scime, Chestnut Park Real Estate Ltd.
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