https://tothepointwithbozic.com/current-events/canada-housing-market-the-doom-sayers-have-grown-silent?utm_source=rss&utm_medium=rss&utm_campaign=canada-housing-market-the-doom-sayers-have-grown-silent Commentary, Opinions, Thoughts and Discussion on Current Events, Politics and The Mortgage Industry Fri, 11 Mar 2016 16:33:16 +0000 hourly 1 http://wordpress.org/?v=3.2.1 https://tothepointwithbozic.com/current-events/canada-housing-market-the-doom-sayers-have-grown-silent#comment-609 B.Hale Thu, 22 Nov 2012 19:21:33 +0000 http://tothepointwithbozic.com/?p=2363#comment-609 This is exactly what I was saying when our Government decided to listen to all these experts (look back in your records Feb 2012 and you will find how T.D. Canada Trust CEO was whining and crying about controls) which are now in hiding. We did not have a problem here in Canada, except now we have created our own "Made in Canada" problem. The problem was not Mortgage Qualification that required tightening but have 'The Banks' tighten the access to unsecured credit such as Credit Cards and Lines of Credit and the deferred payments at furniture and application stores etc. When you qualify for a mortgage you have ratios that must be adhered too. Its the 3 or 4 years later when the Banks have given $10,000 credit cards and $20,000 line of credit, that's the real problem! Now that the Government has also restricted the refinancing we can't help these clients and there only option is either Proposals or bankruptcy. SAD!!! This is exactly what I was saying when our Government decided to listen to all these experts (look back in your records Feb 2012 and you will find how T.D. Canada Trust CEO was whining and crying about controls) which are now in hiding.
We did not have a problem here in Canada, except now we have created our own “Made in Canada” problem.
The problem was not Mortgage Qualification that required tightening but have ‘The Banks’ tighten the access to unsecured credit such as Credit Cards and Lines of Credit and the deferred payments at furniture and application stores etc. When you qualify for a mortgage you have ratios that must be adhered too. Its the 3 or 4 years later when the Banks have given $10,000 credit cards and $20,000 line of credit, that’s the real problem! Now that the Government has also restricted the refinancing we can’t help these clients and there only option is either Proposals or bankruptcy.
SAD!!!

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