NEW MORTGAGE RULES!!!

Lookout! New mortgage rules for first-time homebuyers, including a 30-year amortization option and an increased high-ratio cap of $1.5 million. While these changes may seem beneficial, Vince explains the realities of qualifying for such mortgages. With an average household income requirement of $300,000, many Canadians may find these new rules inaccessible. Join us as we break down what these changes mean for you and discuss the implications for the average Canadian homebuyer. Don’t miss our tips on navigating this evolving landscape!
#HousingCrisis #CanadaHousing #RealEstateNews #finance #financialeducation #trudeau #canada #immigration #internationalstudents #firsttimehomebuyer #torontorealestate
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.
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#mortgage #mortgagebroker #realestate #housingmarket #canada #interestrates #politics #toronto #ontario #canadianeconomy

[@wiseoldowlshow]

Do you think it's time for a significant change in leadership at the highest levels? Comment below!

[@murrat]

Yes, but the person would need to stop the $ printing press. The public apparently wants more than they are taxed for. This will end badly.

[@faisal-ca]

@@murrat It would be hard for any new leader to stop it. Everyone will start blaming the new guy for job losses, and then he will have to find a compromise. It's a mess.

[@augustodasilva268]

Yes, it is about time we vote for competent leadership. The problem is that in this country we have an over abundance of idealogues in politics and competence is scarce.

[@BellaBella-jw9ef]

YES!!!

[@GFRESH636]

No because there is no other system that enables for people to reproduce uncontrollably. Everyone is like ohh many is worthless yeah it is. The more we reproduce two things will happen, money will become worthless and so are people. At some point human life will be less worthless than money, why? Because at that point the cost to keep yourself alive is more than what you can produce.

[@fawadkarimzaad9016]

Young buyers should not take this bait as they will become debt slaves for a llllooooonnnngggg time

[@johnnycroat]

you mean forever

[@murrat]

I built a tiny home myself in rural Ontario to live withing my means. This doesn't seem fair that any of my tax dollars goes to help banks or people who shouldn't buy over priced homes. This is destroying our dollar and country.

[@TheTruth-cg8vj]

This is commie Canada except its take from the poor to give to the rich.

[@donm2067]

You must never hoard wealth comrade, that is how you destroy our illustrous communist paradise. You must surrunder all excess wealth to our dear leader and his chosen favorites.

[@Mr.T-d9u]

Our dollar is no longer having a value. It has become Canapeso.

[@stephenphillips6245]

​​@@Mr.T-d9uThe Peso has been relatively stronger recently, so comparing the Canadian dollar to it is kind of inaccurate...LoL

[@bobtate6812]

correct. We the west do not deserve standard of living of the past. BRICS will enforce this reality.

[@bobtate6812]

Fed interest rate drop was not to help economy but help BANKS.

[@waffles1ca]

You have zero expertise in economics

[@bobtate6812]

@@waffles1ca are you government statistician? Name a single valid reason to lower interest rate. This rate should go up not down. It is FED banking system that is puking from cheap mortgages it generated in zero interest rate invironmoent that is blowing up. Are you the one writing this BS stories?

[@ungovernable999]

This is the greatest ponzi scheme ever created! Sit back, grab some popcirn, and watch the deck of cards collapse!

[@dutchgirl7603]

Bingo! It's the banks that need the liquidity.

[@faisal-ca]

The monthly mortgage cost for a 1.5 million mortgage at 5% (30-year amortization) is 8,000$ plus property tax, home insurance, and HOA fees (if applicable). The average monthly income for a household in Canada is around 5,000$.

[@jeremypivot1297]

Helps them qualify with a downpayment assistance from mom and dad . .

[@debbielockhart7762]

This whole thing is horrific. Why does Canada refuse to allow a market to correct properly? There is ZERO reasonable excuse for our high house prices here. Disgusting.

[@faisal-ca]

@@debbielockhart7762 I think politicians are concerned that voters will get upset if their property drops in value. Many see it as a retirement fund. The other concern politicians have is job losses since real estate accounts for 23% of the economy. They are all wrong reasons for inflating the market since politicians should be doing the policy-making, but it is what it is.

[@amjad79p]

1.5 million is extreme case. Majority of houses are 700k-1.2M range. And thats the price point for most of mediocre and middle class. They are fucked if they are looking to buy.

[@johnnycroat]

what i learned is your mortgage amount is a very small expensive compared to your overall home ownership. when you add in food, insurance, bills, maintance, etc never mind being able to spend on goods to foster the economy . we could be in a very bad place

[@johnnycroat]

Thanks for telling us the Truth...The levels of Gov't keep taking from the people and serving big business

[@wiseoldowlshow]

Thanks for the comment.

[@BellaBella-jw9ef]

I’m sooo annoyed. Tax payers again!!!

[@jsks76905]

I'll tell you who this benefits. People who will commit mortgage income document fraud who will jack up.home prices.

[@stanbinary]

Verry verry good point! it's a stealth bailout

[@zamanwafasharefe1417]

So true 👍

[@kmac9736]

This didn't help the U.S. in 2008, won't help Canadians this time either. Interest rates aren't guaranteed to come down. What if they have to go back up?

[@johnnycroat]

I think in 2008 i was offered a 35Yr mortgage at something like 5.59 interest rate

[@jodiekohut9443]

I’m sure it’s not the seniors purchasing at 1.5 and living beyond their means.

[@jodiekohut9443]

I can only tell you that part of my investment portfolio is in Canadian banks and it’s doing very well.

[@fabiotitolo8342]

Fiat currency nearing its end. Canadians need to teach finance starting in elementary school. Of course the banks get the bail out. Where's ours? We are slaves....

[@InAVanByTheRivr]

The constant bailout and refusal to allow capitalism to play out, has resulted in this inflated unaffordability crisis. They young are fked. Get out while you can if youre young. Im leaving canada next year

[@Deheartless]

Mortgage frauds gonna capitalize on this for sure.

[@robbooth8059]

Privatize the profits, socialize the losses. Exactly what every countries central bank strives to achieve!

[@C2Cats]

More of the same, 2008 all over again, lending people money who have no right to it, and the taxpayer is the bank, yet gets no return on our investment. Governments of all levels should not be allowed to make taxpayer investors. No debate.

[@rzmk8620]

I thought entry homes for first timers started with 250K-400K. If someone qualified for 1.5M mortgage, I bet they have more than 10%.

[@rylanhawton2546]

Reality is they just allow people to take on more debt than they can handle propping up house prices. We'd have lower house prices tomorrow if you are only allowed to borrow three to four times your income or better yet The median income for Canadians in general

[@johnnycroat]

when i was a kid banks encouraged people to save. I guess thy figured out they would make way more money by making money out of thin air and lending it

[@wiseoldowlshow]

Leverage has replaced the piggy bank....you don't see piggy banks in the toy stores any more. LOL.

[@bobtate6812]

Original derivatives where in commodities where farmer sells his crop forward to hedge. Speculators bought and sold this hedge for profit. Today there are derivatives on everything: weather, air, temperature, bonds, stocks to the tune of two quadrillion dollars. Since it is zero sum game where every winner is matched with the looser the large insolvent looser can pull entire house of cards down - two quadrillions of nothing. Entire world assets wealth is less than quadrillion $.

[@Diane-r1r]

Government and bankers should be in prison

[@waffles1ca]

For? Your statement is blowing smoke

[@markz1013]

Mass corruption and for allowing it and now this country is a mess, unless you are a long time homeowner and counting the days that you'll be twinkling your toes in the salt water.

[@travvo2825]

New mortgages will be great to pump the market. 😂

[@waffles1ca]

Nothing really new about this except the mortgage amount and of course amortization extension. CMHC mortgage insurance has been available for decades it’s been blessed by successive governments. CMHC insurance is paid for as an insurance by the purchaser . You’re pumping political BS. What was your stand on PM Harper’s GM bailout?

[@treaty8631]

Further to that the majority of voters are 40 yrs plus and want their home prices to stay elevated ....liberals will count on their vote....learned that from a video I watched...angry mtg podcast