Challenges from 2023 will likely last well into the new year, industry veteran warns
Various crucial trends that began last year are likely to last well into 2024, especially in Canada’s alternative lending sector.
For Marcia Lindberg, director of national sales and marketing at CWB Optimum Mortgage, this means that alternative mortgage professionals and consumers alike will need to remain vigilant amid persistent economic and fiscal volatility.
“2024 is going to look fairly similar to 2023; it’s still going to be challenging for consumers out there,” Lindberg told Canadian Mortgage Professional.
Lindberg is expecting market relief to become apparent only once this year passes.
“I’m actually very much looking forward to 2025, 2026,” she said. “I think we’re going to see a lot more buyers in this space at that stage.”
“We’ll see what the Bank of Canada, what inflation, is going to do, obviously. But I think the sky is the limit… I think we’re positioned well to take on that extra volume.”
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This kind of readiness especially applies to CWB Optimum Mortgage, Lindberg said.
“We knew [the market] is going to be like this, this year [2023],” she said. “We recognized that it was going to be much slower.
“For us, it really is sitting back and saying, ‘OK, it is a slower time right now. [But] we know we’re going to have to ramp up over the next couple of years… What do we need to start doing, whether it’s technology or shoring up our customer service and product suites? What do we need to stop doing that is not assisting our brokers right now?’”
Watch now: What is the outlook for alternative lending in Canada?
