Mortgage Fraud & Crisis in Canada

Mortgage Fraud & Crisis in Canada | Market Update

Рет қаралды 19,012

Күн бұрын

HUGE Fine in the mortgage industry and after recent audits by regulators that exposed non-compliance, including instances where lenders misrepresented information, contributing to an inflated housing market. I explain how mortgage fraud contributes to rising real estate and housing costs in Canada, Especially in Toronto and Vancouver. Various financial institutions' predictions on interest rates have evolved from 2022 to 2024, highlighting the discrepancies in their forecast compared to the bank of Canada's actions. We touch upon the challenges faced by individuals seeking private mortgages due to temporary disruptions, the struggles of self-employed individuals trying to secure loans, and the vital importance of maintaining healthy credit scores. The City of Toronto's $26 billion infrastructure shortfall, strategies for managing marital breakups involving property settlements, and the benefits of new savings accounts for first-time homebuyers are also on the agenda. Tune in for practical insights into the evolving real estate market, ways to navigate mortgage complexities, and strategies for achieving financial security
00:00 Canada Market Update
16:43 What are some situations where borrowers might consider opting for a private mortgage?
19:31 Tips for improving credit scores and financial health to qualify for better mortgage terms?
21:20 How do you assist self-employed individuals or freelancers in securing mortgage financing?
23:15 What is the advantage of the first home savings account?
At OwlMortgage.ca, we’re reframing mortgages. Gone are the days of daunting contracts that laden you with debt. Our educational and empathetic approach considers your needs and wants from your home to make it work for you. We offer a helping hand regardless of your learning style or where you are in your home-buying journey. Whether you're self-employed, salaried, or retired, and looking for a first home, renewing, refinancing or consolidating your debt, the team is here to help.
📩 vince@owlmortgage.ca | (416) 613-5363
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#mortgage #mortgagebroker #realestate #housingmarket #canada #interestrates #politics #toronto #ontario #canadianeconomy

Пікірлер: 90

@wiseoldowlshow 2 ай бұрын

Hope you folks enjoyed! Share any comments, concerns, and advice in the comments below, Cheers!

@paule.anderson577 2 ай бұрын

Fighting 8.5% inflation (more like 35%) with a 1% Fed funds interest rate is like stopping a forest fire with a bucket of water. Folks prepare accordingly. Make investment in other not to depend on the government for funds

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@susanbaxtron8422 2 ай бұрын

Great, I know Mr Kent I met him at a conference in california 2019 where he introduced us his business strategy, he helped me cover my student loans

@stevecrockett29 2 ай бұрын

Rates need to go higher. 5% is not high. People went full stoooopid with near free money. Those of us who did not, should not pay for the greed and stupidity of others. Anyone who dreamed that near zero financing would fund their delusions into the indefinite future were already doomed by their own greed. The chickens have come home to roost, or roast these fools.

@peachyland1253 2 ай бұрын

You hit the nail on the head . All this mortgage rate increase is straight bs. And a generation that whines is sickening. I'm 60 and never owned a house. Because my parents didn't and couldn't help me. My brother and sister do because they had financial help from a spouses parent and an accident settlement. If a person actually bought a house with almost 0% interest and are whining now well they were naive and ignorant.

@hawkmoon206 2 ай бұрын

You are soo right... I am glad to know that I am not the only one thinking this way.

@insanegixxerdude486 2 ай бұрын

It’s not just the government spending. There’s a lot of shadow debt or phantom debt that’s not being capture via the BNPL market.

@D4rkBl4de 2 ай бұрын

I hope interest rates goes higher. It's gonna hurt but we need a good reset. This is ridiculous.

@beasport505 2 ай бұрын

Then you're going to see alot of people lose their homes.

@AKATenn 2 ай бұрын

I think 5% is still too low, and lower than that was never normal. And we should not ever lower them again. Low interest rates caused the debt problem.

@thewsonberry5352 2 ай бұрын

they should be at 2% what are you talking about

@AKATenn 2 ай бұрын

@@thewsonberry5352 historically interest rates were 7% or higher, it has never been normal to have them below 5%. If the interest rates are too low, too many people take out loans. Combine that with banks that give out loans to people who shouldn't have them... and you get where we are today.

@cro38363 2 ай бұрын

@@thewsonberry5352Sounds like you have a lot of debt because of cheap money

@randyhuke3773 2 ай бұрын

@thewsonberry5352 That is extremely unrealistic. 2% would give short term relief, but cause longterm harm far worse than today, that cannot be rectified.

@HardKnocks-pi7pc 2 ай бұрын

10 percent would be awesome and 12 percent would be even better i would love too see those sort of returns again

@rickyb8636 2 ай бұрын

Why are the banks in the business of predicting future rates? These predictions are absolutely meaningless.

@kevinnoway2091 2 ай бұрын

Your starting to see the fraud arnt ya ever play Game monopoly lol get off the board game over right

@mt8474 2 ай бұрын

Coming down hard for a fine of $110,000 is laughable considering they probably made between .4-.6% on the first mortgage and .8-1.5% on the second mortgage for each fraud that was caught. Assuming they didn't also charge a fee to the customer 'to get the deal done' if purchases were over a million they probably broke even or still made money on each deal.

@mikebowers7719 2 ай бұрын

its a joke, they need to get into the big banks books and then you will see fraud.

@robbooth8059 2 ай бұрын

Market Mania called it on widespread mortgage fraud across Canada when most said it was concentrated in 2-3 areas. Luke hit the nail on the head when he claimed it was widespread enough to over inflate the housing bubble.

@mikebowers7719 2 ай бұрын

BIG TIME FRAUD...IN BILLIONS OF DOLLARS.

@johnnycroat 2 ай бұрын

Dude, its too late..the only reason they are going now after these companies is because prices are going down

@syedaw 2 ай бұрын

True story: A friend of mine lives in an airbnb and pays $1800/month for single room. BTW, from next month my friend's rent will be increased to $2,000/month due to 'summer pricing'. It's a detached house in Scarborough with multiple rooms. So around 5 more people live there as temporary renters. None of the rooms remained vacant for more than one day for the last 6 months. The property manager of that airbnb claims to manage 40 such properties. The landlord does not live in this property. Please discuss solution to this in your videos

@kbenk108 2 ай бұрын

They did 2.4 B in just one year and they are fined 110 k just once. That's a slap on the wrist for them. Probably regulators are getting kick-backs from them.

@jodiekohut9443 2 ай бұрын

Imagine that. The experts in their craft can’t make a reasonable projection. Maybe they should be fired for being incompetent . Do they not see how this affects people and their financing.We are being mislead by everyone in every position.

@randyhuke3773 2 ай бұрын

Agree completely. Greed at every point in the process is rampant !

@gimusk5667 2 ай бұрын

Bubble pop

@Janiacster 2 ай бұрын

Thank you for addressing this.

@randyhuke3773 2 ай бұрын

Toronto is in big trouble with Chow as Mayor. If you want to see TO's future, just look south of the border at New York City and Chicago.

@beasport505 2 ай бұрын

Exactly 💯

@TehPwnerer 2 ай бұрын

Toronto being the center of Canadian economic activity and seed of GDP within the country should have no problem paying for itself with much to spare

@sherylsauder5579 2 ай бұрын

Economists didn't take into account that the government keeps spending like a drunken sailor, juicing inflation. Looking at personal debt levels, the average Canadian is doing the same.

@beasport505 2 ай бұрын

Exactly 💯

@user-kv4kp4co1r 2 ай бұрын

Tide is gone now, so we will continue to see the people who were off guards. Many more such news to come.

@obrotherwhereartliam 2 ай бұрын

“Tightening the belt” while you sap over 50% percent of their income for rent will not fix productivity, if anything it would make it worse. What have you been doing with the profits? Investing back into the Canadian economy? Give me a break. People in the real-estate game think they understand what makes an economy but in reality they only understand it’s most parasitic aspect.

@aliquraishi3525 2 ай бұрын

I also think that the interest rate are too low and must be 7% or higher. People are buying properties and accumulating debt with cheap credit.

@jackhoek2811 2 ай бұрын

If you have done any math with respect to housing unaffordability here for the last decade, fraud shouldn't be a big surprise.

@fwra1234 2 ай бұрын

Line 1 today, right side of the U is closed, left side of the U is at reduced speed. terrible commute. 2hrs almost, should've been an hour

@Janiacster 2 ай бұрын

I love the t-shirt!

@Firestone1 2 ай бұрын

Soon the banks will have access to your CRA records when you apply for a mortgage. The days of fake income letters & T4's used to obtain a mortgage will be gone. Expect lots of brampton mortgage scammers to be found out & charged with mortgage fraud, plus they'll be visited by the CRA.

@deekhera8147 2 ай бұрын

A lot of cases in brampton. Among brown communities. I know who are these people. They provide fake T4 slips. This been going on for last 20 years.

@randyhuke3773 2 ай бұрын

They are off on their projections because they are not in the "weeds".

@rickybobby5736 2 ай бұрын

It's been like this forever in Canada everyone knows that

@surprisek3918 2 ай бұрын

Wow, a whole 100 grand?!?! That'll teach them.....

@duncanmac2195 2 ай бұрын

Many lied to get mortgages they shouldn't have gotten. They exaggerate to get the house and in some cases the house price rising gave them an out to sell. We will have hyper inflation and that historically means high rates. In the 80s rates went upto 21 percent. Many will lose those extra homes or end up at an RV site. It won't be pretty.

@hawkmoon206 2 ай бұрын

Can anybody buy a house in the GTA with just 40K as a down payment? I don't think so even with a combined income os $200K. :(

@TyrannosaurusPapa 2 ай бұрын

You can buy a townhouse or a semi detached in many areas of the gta with $40k down and a $200k / year income.

@relaxgood5214 2 ай бұрын

I believe the reason we have experienced high inflation which was followed by high interest rates is because of the long Party Binge everyone has been on with the artificial ultra low interest rates which drove spending and borrowing to the highest levels ever seen. Now with debt levels at very high levels the bill is due. The government spending the unions the productivity of working people being used as the cause for this mess is a smoke screen.

@surprisek3918 2 ай бұрын

A friend of mine recently told me the number of power of sales he is getting is skyrocketing. And people looking for new mortgages? Zero. The ones looking to renew are crying on the phone when he tells them their new monthly payments. The end is near.

@tommyshanks4198 2 ай бұрын

Wait huh? So i can't lend $300k to my kid and take a 2nd position mortgage as security if it takes ltv >80%. What law says i cannot do that?

@chriswhynder8311 2 ай бұрын

Buying in cash and renting to them are different then giving them a 300k down payment

@davidperri8862 2 ай бұрын

This is a result of Stakeholders Fascism that has taken root in governments. There is no need to change the status quo because the stakeholders benefit the most and the citizens pay the bills.