Date Posted: October 17, 2022
As we move through 2022, we continue to see less people applying for mortgages and less people qualifying for mortgages. As the interest rates remain high, it is keeping people from making it through the stress test to get their mortgage. We are seeing more listings come on the market; however, sales remain flat. This means we can predict that sale prices will come down further than they have over the past couple months.
We have seen some lenders introduce a 35-year amortization to lower that monthly cost, therefore, making some people able to qualify for their mortgage. Industry leaders are wanting the government to implement longer amortization periods across the industry and can only hope they will take action.
The stress of qualifying clients for mortgages has created a unique case of fraud within a group of real estate agents. CBC has uncovered an interesting case of agents who were providing fraudulent bank statements, T4 slips and more at a fee to their client to qualify them for a mortgage.
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