Angela Calla (Mortgage broker, & host of ‘The Mortgage Show’ on CKNW), on Global BC TV, 9 Mar 2011: [regarding mortgage rule changes] “It’s not a bad thing. When you have 30 percent of borrowers in the last three years since they’ve been available going into longer amortizations you have to look at the reason why people get home ownership is for security and affordability, and if a market changes you want to ensure that people can still have control of their home, and that’s why they have their home in the first place. So this protects people.”
And on ‘The Fox’ Jan 2011 (discussing the same mortgage rule changes)-
Interviewer: “Jim Flaherty changed the rules this week, and… the truth is, there’s probably a lot of Fox listeners out there paying $1600 in rent and that could easily be going to a mortgage, right?”
Calla: “Oh, easily.. I mean, you want to own a condo for $300,000? It’s going to cost you about 1,120 bucks a month, and you own a condo… for 300,000.” [recites numbers of listings at these prices in different parts of the city]
Interviewer: “What do you get in Vancouver for $300,000.. you get a shoebox, right?”
Calla: (shrugs) “Ah – You gotta start somewhere… You may be renting that shoebox for a thousand twenty bucks a month, so there’s options out there…”
I’d be interested to know the assumptions that get you to $1,120 per month for a $300,000 mortgage.
It is possible, if you don’t count taxes, condo fees and mandatory insurance and use variable rate mortgage with lowest possible interest rate.
Try this calculator: http://www.canadamortgage.com/calculators/convhighratio.cgi
I took a mortgage broker out. Once.
Her prior occupation?
BlackJack dealer.
One of my old coworkers changed careers and became a mortgage broker.
How is he doing?
You can now find him hawking credit cards to international students and people who want a free portable hand fan by signing up for a credit card at Granville skytrain station.