Expect To See More Purpose-Built Rental In Canadian Real Estate + MORE Aug 29th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

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Lender Call Roundup

– canadianmortgagetrends.com

Second quarter earnings from Canada’s biggest non-bank lenders are now in the bag. We learned (no surprise) that improving customer retention rates continues to be a priority for at least two of the lenders, and that Home Capital is making a concerted effort to improve service levels to mortgage brokers. “Service levels are not where we think they should be for the mortgage broker, with slower turnaround times on commitments and verification of income, however we are improving the process and momentum is picking up,” CEO Martin Reid said during the conference call. We’ve pulled all these and many more tidbits from READ MORE

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Expect To See More Purpose-Built Rental In Canadian Real Estate

– walletpop.ca

Whether or not you are familiar with the term “purpose-built rental stock,” chances are that you will be hearing more about it soon.

The Canadian real estate market is a major driving factor for the economy right now, and the rental market segment is a contributing force. Purpose-built rental units are making a comeback and in coming years they will play a larger role in the Canadian rental real estate market.

The Canada Mortgage And Housing Corporation (CMHC) defines purpose-built rental stock as “privately initiated, purpose-built rental structures of three units or more.”

If you can’t picture what that looks like, a quick drive down the Gardiner Expressway will make it very clear. Interest rates are low, renter demand is high and investors are looking for alternate income streams. These combined factors create the perfect condition for purpose-built housing projects to thrive.

Buying a home is far less attainable than it used to be for young couples and home ownership isn’t the holy grail of retirement that it was for previous generations of Canadians…

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