Canadian Mortage Charter: Relief Coming To Canadian Mortgage Holders? 🇨🇦
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- Опубліковано 24 чер 2024
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How about real change? We need a Canadian Charter of Moustaches.
Unfortunately the Canadian Mortgage Charter is voluntary on the banks behalf and 95 percent of this charter was already in place. So really a big nothing.
Banks will not voluntarily give up any money they are entitled to based on the mortgage contracts in place. When have you ever heard of a bank forgiving a mortgage penalty???
Not personally.
I’ve read several articles and watched many videos regarding the “charter” and as far as I am able to dig it is completely voluntary and in no way enforceable upon the banks. I believe this is just another virtue-signalling from our government. They love to make it appear as they are helping the common folk, when as usual, they are doing absolutely nothing for us…
If our governments quit borrowing and handing out money like drunks, We could maybe get past this inflation and get things back into balance. They won't so it will be like the 70s 80's . After trudeau is gone we will pay for 20 years to straighten things out. Lived through it after his dad did the same thing. Makes me sick to see what we are going to have to go through. Kind regards
To clarify, the qualifying rate exemption is limited to insured mortgages (high ratio mortgages eg CMHC insured) switching banks
I agree Tom, almost every person I interact with especially new immigrants all want to be homeowners. My head is spinning with all the changes in BC and Canada in the past two months but I do think that mortgage measures are just going to kick the can down the road and keep people in homes that shouldn't be, including me::)). Not sure how this plays out but it feels like the next 6-12 months may be the best time to be ready to buy.
If we want houses drop in price at least like they were in 2017 (affordable) . Interest rates should be high for couple more years. Don't get me wrong but this homeowner incharged in equal proportion with canada immigration policy that house prices unreachable for middle class any more!
not sure new immigrants who are coming are the same type that came in the early 2000s. back then, people who came either had a shit ton of money to launder, or had an advanced degree ready to work, or were desperate and willing to work 3 jobs to stay afloat. they in general added to the canadian economy. those people ain’t coming anymore. instead you got a lot more refugees in the mix who ain’t adding productivity to the economy. doubt those people care about buying a house either
You can purchase a house for $100 - $130k.
However there is a catch. Buyers need to move to San Antonio.
No joke.
Google " Lennar is spearheading the affordability play in San Antonio. " to see the entire story.
Also by the way...the house is a little on the small side.
Funny thing is all this things are already in place
Sounds like this charter really doesn't help me at all if I call my bank tomorrow and try to negotiate with them. If I'm wrong, and someone know what to say to the bank on the phone to lower my payment next month, please tell. I feel like the only way is to stop paying so they are forced to have a serious conversation if they think they won't get their money.
I think you're right.
Whew we are saved! Party on Garth.
thats bs, not relief. bring back the interest rates as they used to be so people are paying as much as they used to pay. that would be a relief
Great Info Tom. I believe with the state of the bond rates, this might help with decreased in Fixed rate by mid 2024 onwards! This a great 6-8 months window to buy and get flexible mortgage to weather the storm. I see positive outlooks in late 2024.
Thanks brother 😊
I don't know why the government not just mandate the banks to give builders a lower interest rate to construct new housing.
who pays for that? we do in tax dollars going to fund the missing interest. Bad idea, they need to drop rates and red tape, then you and I will be excited to add more rentals to the market. Now there is zero incentive, there is actually incentive to cash out and lower the supply.
This is like mandating favorable rates or pricing for certain sectors shifting the load to other sectors.
Only the stress test waived for insured mortgage
People who are high risk and that’s ok. Yet people who are not high risk if they want to move lender will have to requalify.
That is bull.
it's the woke way. Mandate us and to hell with fair. I'm concerned about what is next to get a new law added without democratic process? Tom what about PR exemption? or the CRA cracking down more on business use of homes? I'm seriously thinking of getting out of providing great quality rentals to great families
Agreed. It should have been for insured and uninsured.
@@TomStorey Hold on.. in a market that has lost 20 to 30 percent in value an uninsured mortgage is more risky than an insured one, from the banks perspective. It's simple, if the the uninsured mortgage holder defaults, and the sale of the property is less than the principal the bank is out the balance. If the insured mortgage holder defaults, CMHC pays out the balance. This is why OFSI wants to re stress test uninsured mortgage holders if you switch lenders, they want to be extra sure you are able to pay. It's a dangerous time for banks with a declining market and TD is expecting it to go down a further 10%
Basically, kick the can down the road and property values to be devalued in next 10-20 years whoever buys or owns at today's prices.