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.

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