{"id":3770,"date":"2017-05-20T09:15:40","date_gmt":"2017-05-20T16:15:40","guid":{"rendered":"https:\/\/www.stevesaretsky.com\/?p=3770"},"modified":"2017-05-29T14:09:29","modified_gmt":"2017-05-29T21:09:29","slug":"risky-mortgages-mounting-vancouver","status":"publish","type":"post","link":"https:\/\/www.stevesaretsky.com\/2017\/05\/around-vancouver\/risky-mortgages-mounting-vancouver\/","title":{"rendered":"Risky Mortgages Mounting In Vancouver"},"content":{"rendered":"<h2>Vancouver Homeowners Adding More Leverage<\/h2>\n<p>A recent report from the good folks over at Better Dwelling titled <a href=\"https:\/\/betterdwelling.com\/city\/vancouver\/vancouver-mortgages-are-rapidly-deteriorating-in-quality\/\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver Mortgages are Rapidly Deteriorating in Quality<\/a> highlights growing concerns of subprime, and over leveraged homeowners.<\/p>\n<p>High-ratio mortgages with low income levels continues to grow. With home prices surging, Vancouverites are leveraging up. High ratio mortgages with loan to incomes greater than 450% are up 25% over the past two years. Risky mortgage debt now sits at 39% in Vancouver.<\/p>\n<div class=\"infogram-embed\" data-id=\"high_ratio_mortgages_in_vancouver\" data-type=\"interactive\" data-title=\"High Ratio Mortgages in Vancouver\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\"),d=o[0],r=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement(\"script\");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2>Fuelling the Fire<\/h2>\n<p>It&#8217;s no wonder CMHC&#8217;s Evan Siddall was so vocal against the BC Government&#8217;s HOME Partnership program, which entices high risk first time buyers with interest free, and payment free loans for the first 5 years. \u00a0In a recent report from <a href=\"https:\/\/thetyee.ca\/News\/2017\/05\/18\/BC-Liberals-Housing-Plan-Worsens-Crisis\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Tyee<\/a>\u00a0Siddall ripped the ill advised program.<\/p>\n<p>&#8220;You will know we are holding our noses firmly on this and I would not want any other [provinces and territories] to be misled into thinking this ill-advised program represents good public policy.<\/p>\n<p>Siddall believes the B.C. government\u2019s claim that the program would make home ownership more affordable for thousands of British Columbians was wrong. \u201cI am joined by a loud chorus of economists in insisting that it will do the exact opposite.\u201d<\/p>\n<h2>Crushing Affordability<\/h2>\n<p>The BC government originally expected to issue an astounding 2778 loans by March 31. The fact they believed it would be a good idea to add nearly 2800 additional buyers to an overheated market is truly frightening. For context, from January to March there was a grand total of 5246 apartment sales.<\/p>\n<p>With <a href=\"https:\/\/www.stevesaretsky.com\/house-lust-hits-burbs\/\" target=\"_blank\" rel=\"noopener noreferrer\">condo prices surging year over year by 33% in Langley, 36% in Abbotsford and 27% in Surrey<\/a>\u00a0handing out taxpayer money to use towards bidding wars is the last thing this market needs.<\/p>\n<h2><a href=\"https:\/\/www.stevesaretsky.com\/opt-in\/\" target=\"_blank\" rel=\"noopener noreferrer\">Like this post? Get my best work sent to your inbox here.<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver Homeowners Adding More Leverage A recent report from the good folks over at Better Dwelling titled Vancouver Mortgages are Rapidly Deteriorating in Quality highlights growing concerns of subprime, and over leveraged homeowners. High-ratio mortgages with low income levels continues to grow. With home prices surging, Vancouverites are leveraging up. High ratio mortgages with loan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3772,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Risky Mortgages Mounting In Vancouver- Steve Saretsky<\/title>\n<meta name=\"description\" content=\"Vancouver homeowners are adding more leverage to keep up with rising home prices. 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