Neil Patel is an SEO Jedi and content wizard. The Wall Street Journal calls him one of the world's top marketing influencers.
Patel consults for companies like Google, Facebook and Intuit and has (at @neilpatel) over 1.1 million YouTube subscribers.
He recently spoke with us about a little invention
Qualifying for a mortgage takes a lot more strategy than it used to. And banks are no longer the right move for millions of Canadians, as this chart below illustrates.
The share of mortgage business now flowing to credit unions, private/MIC lenders, and other non-banks is remarkable.
Canadian housing affordability is just about the worst ever.
That's especially problematic for first-time buyers who:
* can barely scrape together the minimum 5% to 7.5% down payment
* have strong credit and solid employment
* have debt ratios above the 39% #GDS#/ 44% #TDS# insurer limits
* can't pass the stress test
From 2008 to 2021, Canada's household debt soared from 80% of GDP to 107%.
U.S. household debt-to-GDP slid from 100% to 75% in that same timeframe.
To belabour the obvious, Canada has a worsening debt problem. And that problem could theoretically come to a head if/when unemployment spikes.
Most Canadians planning to buy a home in the next 12 months aren't too confident about their qualifications.
According to a new RATESDOTCA/LEGER survey:
* 7 in 10 claim they're concerned they may not qualify for the mortgage amount they want.
* 1 in 3 was "very concerned."
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