The fiscal double whammy of the pandemic, and then the Bank of Canada’s outsized rate hikes, have pushed many Canadians to private lending – a trend that Shawn Allen, of Matrix Mortgage Global, welcomes.
However, Allen stressed that consumers must be aware of what borrowing through these channels entails.
“There’s a lot more people coming into the space, but I think there definitely needs to be more education around the types of mortgages and the exit strategies of those mortgages,” Allen told Canadian Mortgage Professional.
