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Small, loosely-regulated lenders in Canada who rode a pandemic housing boom to offer mortgages at high interest rates are now showing signs of stress as a spike in living costs pushes some homeowners toward a default.
TORONTO (Reuters) -Small, loosely-regulated lenders in Canada who rode a pandemic housing boom to offer mortgages at high interest rates are now showing signs of stress as a spike in living costs pushes some homeowners toward a default. Canada's C$2 trillion ($1.5 trillion) mortgage market is dominated by the "Big Six" major banks that include Royal Bank of Canada and TD Bank. But for many Canadians unable to pass a rigorous test to qualify for a home loan, there has long been another option: private lenders who offer short-term mortgages at rates that are several percentage p...
By Nivedita Balu TORONTO (Reuters) -Small, loosely-regulated lenders in Canada who rode a pandemic housing boom to offer mortgages at high interest rates ...