Problems in the Canadian mortgage market require many hands, says Pineapple exec
The Canadian housing and mortgage market has seen seismic changes in the last few decades, which is why approaches that worked in the past might not necessarily be the best strategies for current problems, according to Shubha Dasgupta (pictured), of Pineapple Canada.
For Dasgupta, this is where the shaping of the next generation of mortgage professionals comes in – a task that incumbent industry veterans are best placed to perform.
“New-world problems call for new-world thinking and new-world solutions,” the Pineapple CEO said in a recent interview with Canadian Mortgage Professional. “What needs to come from every generation is new strategies being implemented, for how and where they will be able to get into homeownership.”
“Although we’ve seen some uncertainty in the markets, we’re very proud of where Pineapple has been in the face of that adversity,” says Pineapple President and CEO Shubha Dasgupta.https://t.co/hHujPOd9sR#mortgagenews #businessgrowth #mortgagebroker #brokernetworks
— Canadian Mortgage Professional Magazine (@CMPmagazine) June 14, 2023
This is especially because Canada will likely never see a shortage of first-time home buyers, Dasgupta said.
Over the past few years, this cohort has increasingly relied on parental support to enter into the housing market, a situation that Dasgupta says requires innovative solutions.
“This was only [achievable] because of the wealth that was created for that previous generation through appreciation in their properties,” Dasgupta said.
“In today’s environment, we’ll definitely see challenges with interest rates where they are right now, with the lack of housing that’s available today, with high rental rates impacting their ability to save and build towards ownership.”
Dasgupta believes that these conditions constitute the perfect environment for the current and future crop of mortgage professionals to devise creative strategies and help first-time buyers.
At the same time, Dasgupta said that this out-of-the-box thinking will need to be buttressed with robust policy tools.
“A lot of this is going to have to come from government and regulatory bodies,” he said.
Watch now: Mortgage market updates with Pineapple CEO
