"I think it's taking us a little longer to see the results of some of the policy changes coming through"
As the momentum of 2022 market volatility is likely to last well into the new year, it is incumbent upon the mortgage professional to ensure that clients adapt to rate hikes and policy shifts as quickly and smoothly as possible, according to Eric Larocque, chief mortgage operations officer at Community Trust.
“I think what’s occurred here is that it’s just created an even bigger gap in terms of whether it be new first time home buyers or others just trying to get into the market,” Larocque told Canadian Mortgage Professional. “They were really challenged with affordability, whether it was a result of higher home values or increases in borrowing costs.”
The mortgage professional should be able to lay the groundwork for a smoother client experience amid this turmoil.
“I think while [2023] started off fairly active again, it’s taking us a little longer to see the results of some of the policy changes coming through and providing opportunities to enter the market,” Larocque said.
Mortgage professionals should also take into account the growing desirability of non-bank solutions.
“We’ve seen a shift in our client profiles, which is telling us that alternative lending is a solution that’s really for all, not just a segment of the market,” Larocque said. “We’re really starting to see the solution approach working for more Canadians than ever before.”
For more insights into what 2023 could bring, click here.
