What’s more, plenty of borrowers are continuing to encounter challenges qualifying for conventional lending solutions, leading many to gravitate toward other options. “Credit remains tight and borrower qualification with traditional lenders is still a challenge,” Duhra said.
“That said, we’ve seen a strong demand for alternative solutions as traditional lending continues to contract. It’s a market that rewards discipline, speed, and flexibility.”
Ongoing trade uncertainty likely to keep a lid on housing market
The bad news for the economic outlook is that while the US-Canada dispute has yet to spill over into the prolonged, full-blown trade war many feared, there’s still no sign of a resolution.
Negotiations between both sides are rumbling on, but there’s little clarity on how close an agreement is – and whether Canada can avert a further weakening of the economy in the long run.
Still, with housing activity improving for a fourth consecutive month in July, and brokers continuing to report reasonably robust refinance and renewal business, the mortgage market isn’t freezing up anytime soon.