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Ask the Expert: Steve Garganis on future bidding wars and why the feds should allow 40-year amortizations

I had the pleasure of being interviewed by RatesDotCa for their Ask The Expert edition on the current and future markets, rates prediction, amortization, and new changes to the mortgage industry. Here are my thoughts as we enter the fall and winter market. Read more – Interview with Steve

 I hope you will enjoy this article and if you have any questions or would like to discuss I am always available.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114; steve@canadamortgagenews.

Posted 2 Comments on The Great Mortgage Reset Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 4 of 4

THE GREAT MORTGAGE RESET… MY RECOMMENDATIONS.

This policy of making it harder to borrow money has only hurt the little guy, the first time buyer and second time buyer.  Those with a higher net worth and accumulated savings can more easily buy a home.  This goes against what CMHC stood for. Their mandate was to promote housing in Canada. Somewhere along the way, this goal has been lost.  We need to bring it back.

Here are the changes that I would propose to make life more affordable immediately:

Continue reading “The Great Mortgage Reset”
Posted Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 3 of 4

Canada’s mortgage lending rules and policies are broken.  They just don’t work.  And the more our Federal government tries to help, the worse it gets.  This is a 4 part series of what our government can do to make home ownership affordable.

KNOWING THE PAST WILL HELP OUR FUTURE.

I’m going to list some of the changes that have handicapped Canadians from buying and renting.  There are over 30 changes over the last 18 years but I’m just going to list the ones that have had the greatest impact.  Notice the pattern of ever tightening government lending rules that increase a homeowner’s

Continue reading “The Great Mortgage Reset”
Posted Bank News

The Great Mortgage Reset

A FOUR PART SPECIAL EDITION… PART 2 of 4

Canada’s mortgage lending rules and policies are broken.  They just don’t work.  And the more our Federal government tries to help, the worse it gets.  This is a 4 part series of what our government can do to make home ownership affordable.

IDENTIFY THE PROBLEMS.

1. QUALIFYING IS TOUGHER THAN EVER BEFORE

    Canadians can’t afford to buy or rent a home due to the high monthly cost. Home prices and rental rates have exploded! No surprise there.  

    Simple math.. Even a below average home, let’s use a $500,000 mortgage @ 4.69% will cost you $2,820/mth.  Add in property taxes, home insurance and

    Continue reading “The Great Mortgage Reset”