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.
I am Broker of Record for Prudential Grand Valley Realty in Cambridge and Kitchener Waterloo, Ontario. We have two offices and 120 sales agents.
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