Purchasing a home in 2020- Mortgage Professionals Canada
Purchasing A Home In 2020 – Mortgage Professionals Canada
VANCOUVER — Purchasing a home is often the largest investment someone will make in their lifetime.
That is why it is so important to be educated and prepared to navigate the process.
Mortgage Professionals Canada is an industry association made up of a collection of banks, lenders, mortgage insurers, and Canada wide mortgage brokers and agents.
Paul Taylor, CEO and President of Mortgage Professionals Canada, joined CTV Morning Live to explain the role of a mortgage broker.
Taylor explained that mortgage brokers have access to many lending options which include, but go beyond, the traditional banks.
Their ultimate goal is to find the most affordable product to fit the consumers lifestyle.
In 2020 the market has been impacted by two main factors.
Covid-19 business and border shut-downs, and the fiscal stimulus responses introduced by governments.
Covid-19 has had a wide array of business impacts.
Employment is down, but salaries are up.
Low paying jobs are the most impacted so there was a greater effect in the rental market verses purchasers.
Immigration, travel, and tourism are all down.
As a result, the rental market is seeing reduced need and airBNB properties are not earning as much.
Some investors are leaving the market.
However, mid-sized homes seem to be holding their value, and in many cases, there are even seeing increases.
The main advice Taylor had was to speak to a mortgage broker locally before speaking to a realtor or beginning house hunting.
Brokers are able to describe the local market and tell you what mortgage size you can comfortably afford over time.
Mortgage Professionals Canada has member brokers all across Canada.
Consumers can visit www.findmeabroker.ca to find a local expert