Let's see what happens. The bigger monoline lenders do have some products product that are not bulk insured. Don't be surprised if they start offering uninsured products for million dollar properties in certain markets to remain competitive.boyohboy wrote: ↑Ok are you sure about that? If true, that's BY FAR the biggest change of the new rules. It basically eliminates the entire GTA detached housing market from the monoline lenders, no?PaulMeredith wrote: ↑Under the old regulations, it didn't matter as much as long as the mortgage amount was under $1MM. As the new regulations are written, it's now the property value that cannot exceed $1MM. It looks like our only option on these higher valued properties may be the big banks since they generally don't bulk insure their their conventional mortgages.
We're still waiting to see exactly what changes are going to be made. As others have already mentioned, there has been three lenders that have suspended their rental programs until this gets figured out. There are still lots of questions to be answered, even within the industry. We'll continue to post updates as we have them.
Yes, this is just me speculating.
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative