Self Employed or a New Immigrant? You May Not Be Able to Buy a Home Anymore!

Are you a new immigrant to Canada who came here with hopes of a better life? or a self employed hard working entrepreneur? either way, with the recent changes in the industry, you may be unable to secure a mortgage and buy the home of your dream.
According to Susan Pigg of Moneyville, on Tuesday CIBC’s wholesale mortgage arm announced that they will no longer access new applications for those who cannot prove their annual net income. In other words, “stated income” is no longer sufficient to get you approved.
The article quotes Jason Friesen, mortgage consultant with the Calum Ross Team as well as TheRedPin.com blog contributing partner, saying that “the signs are there that everyone is worried, with the exception of BMO. It’s not like there is just one person saying there is a problem with the housing market…..it’s impossible to know, given all the doom and gloom in the rest of the world, what will happen over the next three months or the next six months, but lending institutions are looking for ways to protect themselves.”
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Related Article: Jason Friesen’s Articles on TheRedPin Pulse
Related Article: Susan Pigg Makes TheRedPin Wall of Fame
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