shockedcanadian
Diamond Member
- Aug 6, 2012
- 45,178
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The collapse is going to be swift. There is a reason Doug Ford is in Washington begging for help. He realizes that Ontarios police state, like most of Canada; is going to collapse.
It will begin primarily in Ontario and spread from there. Alberta is going to try to get out but they will most likely not succeed, or not in time before the collapse.
Every police state collapses in time, especially when built on deceit and enforcing a caste. I am just the Messenger. A citizen and a victim before I was a Whistleblower.
www.theglobeandmail.com
Nearly one in 10 mortgage holders in the Toronto area won’t be able to refinance their loans or renew them with a new lender in 2027 if home prices remain at current depressed levels, according to a Bank of Canada report.
The central bank’s financial stability report, released late last month, estimates 9 per cent of borrowers in the Toronto region could not qualify to refinance their loans next year. Nationally, the bank estimates the level to be 4 per cent.
That’s because these borrowers’ property values have fallen significantly since they got their mortgages. These borrowers will not be able to take equity out of their homes to pay down debts – one way of refinancing a loan.
They also will not be able to refinance their loans in other ways, such as lengthening the time it takes to pay back the loan or simply renewing a mortgage with a different lender.
If borrowers are not able to pursue these options, that may eventually lead them to miss mortgage payments.
“Households that need to refinance to manage their payments may not qualify if they have too little equity to meet lenders’ requirements,” the central bank report said.
“In this way, lower home prices increase the risk that some households could fall behind on their payments.”
Across the country, real estate prices have been declining for the past four years. Some of the biggest drops have been in the Toronto region, where the typical home price is 33 per cent lower than peak pricing in March, 2022.
As real estate values have dropped, a key lending metric called the loan-to-value ratio has worsened for homeowners. The LTV ratio shows how much a homeowner owes relative to their property’s market value.
For example, if a homeowner’s mortgage is equal to 80 per cent of the property’s value, they have an LTV ratio of 80 per cent. The federal banking regulator considers ratios a
It will begin primarily in Ontario and spread from there. Alberta is going to try to get out but they will most likely not succeed, or not in time before the collapse.
Every police state collapses in time, especially when built on deceit and enforcing a caste. I am just the Messenger. A citizen and a victim before I was a Whistleblower.
Almost 10% of Toronto mortgage holders won’t qualify to refinance next year, BoC says
Almost 10% of Toronto mortgage holders won’t qualify to refinance next year, BoC says
A depressed housing market is adding risk to refinancing as delinquency rates in Toronto rise
www.theglobeandmail.com
Nearly one in 10 mortgage holders in the Toronto area won’t be able to refinance their loans or renew them with a new lender in 2027 if home prices remain at current depressed levels, according to a Bank of Canada report.
The central bank’s financial stability report, released late last month, estimates 9 per cent of borrowers in the Toronto region could not qualify to refinance their loans next year. Nationally, the bank estimates the level to be 4 per cent.
That’s because these borrowers’ property values have fallen significantly since they got their mortgages. These borrowers will not be able to take equity out of their homes to pay down debts – one way of refinancing a loan.
They also will not be able to refinance their loans in other ways, such as lengthening the time it takes to pay back the loan or simply renewing a mortgage with a different lender.
If borrowers are not able to pursue these options, that may eventually lead them to miss mortgage payments.
“Households that need to refinance to manage their payments may not qualify if they have too little equity to meet lenders’ requirements,” the central bank report said.
“In this way, lower home prices increase the risk that some households could fall behind on their payments.”
Across the country, real estate prices have been declining for the past four years. Some of the biggest drops have been in the Toronto region, where the typical home price is 33 per cent lower than peak pricing in March, 2022.
As real estate values have dropped, a key lending metric called the loan-to-value ratio has worsened for homeowners. The LTV ratio shows how much a homeowner owes relative to their property’s market value.
For example, if a homeowner’s mortgage is equal to 80 per cent of the property’s value, they have an LTV ratio of 80 per cent. The federal banking regulator considers ratios a
