Canadian Financing Trends
Not sure if this is the right section but I wanted to share some trends I am noticing in the Canadian mortgage market place
CMHC insured rates are really low for owner occupied, with rates as low as 1.64% and commercial loans ranging between 2-4 %
There are some B lenders offering unique programs with a return of stated income using only 6 month bank statements as proof
Also seeing a new High Net Worth program which provides almost no TDS component however LTV is maxed at 65% and additional equity is required
65% HELOC and 80% mortgage is available from a couple of lenders. HELOC was at prime plus 2 but rates are dependant on credit score
Private mortgages in Atlantic Canada have not seen a change in pricing with fees from 3% to as high 10% rates between 10-12 % there however a lot of available funds with at least 3 lenders pushing marketing out. LTV typically maxing at 75%
Ontario Alberta and BC are flush with private money and pricing has been effected. Fees are often as low as 2 or3% and recently saw a rate just below 7%. LTV has creeped up to 85%.
As money funds the real estate cycle I hope some of this information is useful