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Mortgage Squeeze Anecdotes – “Two days ago my mortgage holder called and told me that, after 22 years, they would not renew my mortgage.”

“Two days ago, my mortgage holder (a Credit Union, no less) called and told me that after 22 years, I was no longer an “A-list” borrower, and they would not renew my mortgage. I have no credit cards, never late with a payment, never late with utilities, taxes, etc., etc., BUT, because of the ‘new’ mtg. rules, they could not renew my mtg. because two years ago (as a result of a series of family crises), I took a small 2nd mtg. (ridiculous rates, but I’ve met EVERY payment, etc. – the credit union wouldn’t ‘help’). My total debt is only the two mtgs. against the property and, together, they are less than 1/2 of my equity (compared to the assessed value).
My son (who is on disability) lives with me and takes care of me (as I do him), and we share our expenses with our two limited incomes. I’ll be 73 in a couple of weeks, am not well, have been isolated at “home” since the beginning of March. None of that ‘counts’.
Nor does it ‘count’ that for over 50 years, I’ve been involved in environmental and social justice issues, worked pretty much full time my whole life (never collected EI, even!), contributed to my community (have received awards), raised a family, supported many others in crisis.
In a month, I, and my son, could be homeless. I don’t even have the strength to champion my own personal needs.
To those of us that are experiencing the REALITY of the NOW – those living in corrupt care homes, or homeless, or helplessly addicted, or victims of genocide or poverty, or racism, what it’s “called” is moot.
— from commenter ‘dda’ 30 May 2020, under the article, ‘Normal Is The Problem’, by Andrew Nikiforuk, The Tyee, 30 May 2020

Also see:
A Confluence of Whammies: A Single Realtor (& Airbnb-host) with a dependent child, an elderly dependent parent, two lost tenants, and dwindling business is forced to sell their house (presumably at a loss) and take a $30,000 mortgage penalty.
TD Bank charges $30,000 mortgage penalty to woman forced to sell home due to pandemic – 1 Jun 2020, CBC News.

Your banker may seem like a friendly guy, but the banks will always look after themselves – first and last. – ed.

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Toronto and Vancouver Real Estate Inventory May Get A Boost From AirBNB Slowdown

Canadian real estate markets may be getting another inventory headwind soon. National Bank of Canada (NBC) research estimates AirBNB hosts may contribute to oversupply later this year. As the slowdown impacts hosts, many may be incentivized to sell. By their estimates, just a quarter of hosts selling would cause inventory in cities like Toronto and […]

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Canada’s National Housing Agency Tightens Lending Ahead of Forecasted Price Declines

Canada’s national housing agency isn’t just forecasting price declines, they’re preparing for them. Canada Mortgage and Housing Corporation (CMHC) announced changes to its mortgage insurance. Homebuyers with less than 20% down should now expect lower debt service maximums, a more stringent credit quality check, and a ban on borrowing down payments. If those sound like […]

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Canadian Personal HELOC Growth Rate Nearly Triples In A Month

Canadians are back to using their homes as ATMs. At least they were, during the first month of the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by home equity reached a new high in March. The record is less surprising than the annual rate of growth […]

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Toronto Real Estate Sales Crater Causing Prices To Remain “Virtually Unchanged”

Greater Toronto real estate sales are still frozen by the pandemic, but the inventory ratio is improving. Toronto Regional Real Estate Board (TRREB) described prices as “virtually unchanged” in May. Home sales predictably made a sharp decline, however not as much as inventory – helping to relieve pressure for prices to move higher. Greater Toronto […]

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Vancouver Real Estate Prices Slide, With Typical Home Dropping $7,600 Last Month

Greater Vancouver real estate is still adjusting to the pandemic, but buyers seem to be more deterred than sellers. Real Estate Board of Greater Vancouver (REBGV) data shows the price of a typical home made a significant monthly decline in May. Inventory fell from last year’s levels, but didn’t drop nearly as much as sales […]

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Canadian Mortgage Credit Is Seeing Growth Surge, Despite Slow Real Estate Sales

Canadian mortgage debt is swelling, despite the freeze on home sales. Bank of Canada (BoC) data shows mortgage credit made the biggest jump in a decade for April. The rise is somewhat unusual, since dollar volumes for home sales haven’t increased much. Even though resale and new home markets have slowed due to the pandemic, […]

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CMHC Head Warns Homebuyers To Question Motives of Those Saying Prices Will Rise

The head of Canada’s national housing agency rang off yet another warning to homebuyers. Evan Siddall, the head of the Canada Mortgage and Housing Corporation (CMHC), warned people to question the motives of anyone that says home prices will rise in the near-term. He does so before rattling off a list of economic pressures against […]

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This Week’s Top Stories: Canadian Real Estate Prices Expected To Fall, and Banks Set Aside Billions For Losses

Time for your cheat sheet on this week’s most important stories. Canadian Real Estate CMHC’s Canadian Real Estate Price Forecast Shows Big Drops In Ontario And BCCanada’s national housing agency gave a detailed breakdown of its real estate price forecast. Prices are expected to fall later this year, and continue into 2021. The forecast ends […]

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Canada’s Big Six Banks Set Aside Over $10 Billion For Bad Loans, Up Over 300%

Canada’s Big Six banks are preparing for a lot more bad loans. Canadian banks reported Q2 earnings this week. A common theme in all reports was a sharp increase in provisions for credit losses (PCLs). These have been rising over the past year, as delinquencies begin normalizing from lows. This trend has accelerated quickly however, […]

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