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Canadian mortgage slump

The Canadian banks need you.  Why?  Because they are facing the largest mortgage slump in recent times, according to banking experts from RBC, Scotiabank, TD, and others.

The problem is that the Canadian government is trying to reduce consumer household debt.  Basically they are trying to protect Canadian consumers from themselves.  The government feels that consumers are spending too much on big ticket items such as cars, electronics, and houses, and that we can't properly service that debt.  If a large portion of the consuming public can't pay their bills, there will be a huge economic collapse.

So the government is trying to slow down the mortgage market with policies and lending

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guidelines that make it tougher for you and me to qualify for a mortgage.

Now, normally the big banks make huge profits from mortgages.  But with this slow down, they have been challenged to find other sources of profit.

They have 2 ways of making that happen.  They can either use other money instruments to make profit, or purchase other companies that are making a profit.

For example, a lucrative market for banks is credit cards and auto loans.  These 2 instruments have higher borrowing interest rates than mortgages, and the banks are encouraging clients to be more active in both.

But the client doesn't actually have to come into the branch for that to happen.  When you go into an auto dealership and get an auto loan, the banks are providing the financing for the auto dealership.

Banks are also taking over the private credit card programs of major retailers.

In the purchase market, there are a limited number of assets that banks can buy in Canada.  Since they are not allowed to buy each other, and the quantity of other profitable businesses on the sales block is low, the banks must look overseas for profitable asset purchases.

If you are looking for a mortgage, please fill in our "quick" application below, and I'll get hold of you right away.  Thanks.

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