VANCOUVER -- Purchasing a home is often the largest investment someone will make in their lifetime.
That is why it is so important to be educated and prepared to navigate the process.
Mortgage Professionals Canada is an industry association made of a collection of banks, lenders, mortgage insurers and Canada wide mortgage brokers and agents.
Paul Taylor, CEO and President of Mortgage Professionals Canada, joined CTV Morning Live to explain the role of a mortgage broker.
Taylor explained that mortgage brokers have access to many lending options which include, but go beyond, the traditional banks.
Their ultimate goal is to find the most affordable product to fit the consumer's lifestyle.
In 2020 the market has been impacted by two main factors: COVID-19's business and border shutdowns, and the fiscal stimulus responses introduced by governments.
COVID-19 has had a wide array of business impacts. For example, employment is down, but salaries are up.
Low paying jobs have been the most impacted by the pandmeic, so there was a greater impact on the rental market versus home buyers' market.
Additionally, immigration, travel and tourism are all down. As a result the rental market is seeing reduced need and airBNB properties are not earning as much.
And, some investors are leaving the market. However, mid-sized homes seem to be holding their value and in many cases there are even seeing increases.
The main advice Taylor has is to speak to a mortgage broker locally before speaking to a realtor or beginning house hunting.
Brokers are able to describe the local market and tell you what mortgage size you can comfortably afford over time.
Mortgage Professionals Canada has member brokers all across Canada.
Consumers can visit www.findmeabroker.ca to find a local expert.
