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GTA, Ontario, Canada
A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Tuesday, October 11, 2016

Non-banks “crippled” by new mortgage rules says broker

The new mortgage rules being introduced by Ottawa next week are already having a “crippling” impact on non-bank mortgage lenders according to online broker Butler Mortgage.

The firm’s Ron Butler told the Globe and Mail that he predicts a significant shrinking of the sector’s market share with a 50 to 60 per cent decline in mortgage business over the next year.

As we previously reported, First National Financial has already said that it is temporarily suspending loans for rental properties and stated income borrowers; and other lenders are also pulling back from certain products or increasing mortgage rates for some.

James Laird, president of mortgage brokerage CanWise Financial told the Globe and Mail that while lenders may be ok with tightening of mortgage restrictions, that was not the case if it was not fairly implemented.

“What we’re not on board with is systematic changes that benefit the banks at the cost of the mortgage brokers backed by monoline lenders,” Mr laird said.

MBN

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