Changes to Canada’s Mortgage Industry
On this week’s podcast and radio show, Dave and Reb take a look at mortgages and the changes that have come to the industry in Canada over the past 10 months.
The Mortgage Advisors broker and owner Christa Tessier discuss with Dave and Reb how the changes are affecting Canadians as they make the biggest financial investment of their lives.
Essentially, the changes have tightened people’s ability to borrow money for homes and rental properties. While it may seem like a good idea to help Canadians with their current debt load, Dave and Christa agree that the government seems to be focusing on regulating the channels of secure debt like mortgages, while unsecured debt channels for things like vehicles, seem to go unregulated.
There is a growing need for paperwork, and very few deals are easy. Christa and Dave both agree details are so complicated that now more than ever, clients should seek counsel from a trusted advisor to get a holistic picture of their finances and their investments.
“Scripture says that plans fail for lack of counsel, but with many advisors they succeed,” Dave says. “Finding someone to talk with and guide you into the best mortgage product that meets your needs and desires is really important.”
Tune in to listen to this timely discussion.