Mortgage Funding Tightens in Canada

Real Estate Agent with Royal Lepage Grand Valley Realty

The housing market in Canada is nothing like the situation in the United States.  But, as time passes, more and more of the lending policies are rubbing off on us. 

A couple of months ago we heard that some conventional lenders were adopting a policy of not funding student income properties.

Today I heard that a number of lenders will no longer underwrite mortgages for private sales. The reason given is the potential for fraud and other undesirable possibilities associated with private sales.

All being said, this may well be an opportunity for agents in these slow times.

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