31 Oct Higher interest rates, tougher mortgage rules drive surge in Toronto private lending.
Original article via Financial Post. Click here to read.
Higher interest rates and tougher lending standards are driving a surge in private lending to homeowners in the Toronto area.
Twenty per cent of refinancing for mortgage deals in the second quarter were funded by private lenders, a 67 per cent jump from the first quarter of 2016, according to a report Tuesday by Toronto brokerage Realosophy and property data provider Teranet.
Purchasing homes and paying off mortgages are getting harder in Canada’s biggest city due to a combination of rising interest rates, higher home prices and tougher standards to qualify for a mortgage.