Is financing getting tougher for the self employed?

It seems that more and more Canadians are self employed.

The self employed tend to have less steady income then full time employees and as a group it can be more difficult to get a mortgage or refinancing.

As a self-employed website developer who had recently restructured his business, Greg Schmidt knew that refinancing his mortgage wasn’t going to be a piece of cake.

“I had a little bit of a line of credit built up from shifting the focus of the business and my car lease had come up for being bought out, so I needed money to take care of that,” said Mr. Schmidt, a single 42-year-old who owns a home in Toronto that includes an apartment for income. “It turned out the best way to go was to do a new mortgage, increase the amount of the old one and take care of those costs.”

However, when he approached his bank, he was told “the numbers didn’t work for them.”

Read the full article in the Globe and Mail.

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AG Sage

@Dog: Take a gander at the inventory graph:

Typically, yes, inventory peaks mid October then drifts downward before accelerating downward through the holiday season. This year the chart will just do it at levels similar to 2008. Which, you know, wasn’t a bad year for real estate, right?



regarding presales, how many percent of the total units have to be sold in order for the bank to loan the money to break the ground?

More Data Please

@YVR2ZRH: RE: REB Seasonal Sales Spin Yes indeed! To summarize on seasonally adjusted sales: What is the year over year sales to inventory ratio? If you put every home on every street on the market, suddenly (and temporarily) there will be a lot of sales by the law or large numbers. I suppose some buyers and sellers are reassured by the spin, but the good feeling won’t outlast the reality. There will be nothing left to spin when all stops pulled out in a few weeks/months to make any sales at all. @ReadyToPop: re: …”Willow Tufano, 15, grabbed national headlines when she bought a house [for US$19K]”… She paid $19K for a detached property on a big lot with intact exterior envelope, working plumbing and wiring. No sounds of gunfire or other location complaints. Finally, a property priced as shelter… Read more »


Oh ya over 2000 sales versus 1500.
Media is gonna go crazy!



No change in trend since August. Same rate of weekly year/year sales decrease. We are getting some noise because september had 19 days and October has 22 – this has a 15% impact on volumes so when the volumes are up 30%, it’s only up 15% and that’s not much of an increase. So – the answer is that there is no seasonal change in sales (although since they are up – the REB will say that for sure and jump on it totally . . This market has finally turned – – which it has not).


@bag it and tag it: Really? I thought Granville & 16th was “a tranquil oasis”. That’s what is says on their webpage.

bag it and tag it

@West Coast Woman:
Wow…what a joke…those units will never sell at those prices. They sit right on top of an extremely busy intersection.

Oh Oh


Looks like 1 of 15 is sold, i am surprised they didnt do a presale, as the just completed a 2 yr build. They would have cornered some fools in the past 2 yrs but slim pickings these days.

It is one of the nicer develpoments i have seen for a while in Vancouver.



Sales way higher this month versus last month?

Are we recovering?

What is typical for October? Always this strong?

Does anyone know?


@painted turtle

but cat vomit… I still get it after 13 years and it has a tendency to get worse with age.
(On the other hand, the baby is now 17, so …)

Now that your baby is 17, (s)he might start throwing up on the floor again, especially on Friday and Saturday nights.


Willow Tufano, 15, grabbed national headlines when she bought a house. Now WBBH says Tufano owns two houses.

Teen can’t drive, owns two homes

West Coast Woman

Anyone know how “The Crescent”, that new condo development at 16th and Granville, is doing?

A recent magazine article said there were 15 “townhouses” there, 1000 sq.ft. to 3500 sq. ft., priced between $2 Million and $6 Million.

So much for EcoDensity providing “affordable” housing for the people who live here! All it did was destroy the heritage entrance into First Shaughnessey for the sake of this developer’s outrageously priced condos.

painted turtle

Regarding the vomit thread, I would add that baby vomit is expected in the first two years, but cat vomit… I still get it after 13 years 🙁 and it has a tendency to get worse with age.
(On the other hand, the baby is now 17, so …)


New Listings 162
Price Changes 106
Sold Listings 84



FYI Maynards have been preselling for 3 yrs and they still are not sold out, never mind the Olympic village which has been about 5 yrs and only 75% sold. Condos are gonna get some serious reductions.


@G: If you’re hearing there’s ‘lots of interest’ in their buildings it means there isn’t enough interest to sell their units and they’re trying to drum up more. They just need to find enough fools left to buy them.

Even when a building is ‘sold out’ it just means the developer is holding back X number of units for sale later. If they can’t say they ‘sold out’ you know sales really suck.


Where are the numbers? Has Paul B finally ditched the bears?


I heard Solo presale is only 40% sold of the 1st tower which has a total 400 units. They plan to build 3 more 400 unit towers. Good luck with that .


Is there any real numbers of how many presale were sold? I see MC2, Solo, and the new Station Square all try to show that there are a lot of interests in their buildings. But I read it somewhere (From Jurock?), that only 50% of the all the presale condos this year are sold.

AG Sage

@Ralph Cramdown: I wondered about that too. LLC to INC? Same laptop, same dirty t-shirt…

Bo Xilai

@Romeo Jordan:

“ShitBalls”? You have a real way of ingratiating yourself…


@Inventory: infinite MOI. love it!!


“The new MC2, the 1bedroom are 450 sq feet”

is the MC2 the Maynards building?

Romeo Jordan

You ShitBalls have no idea how much developers are shitting their panties these days.

Credit is drying up – fast.

Shit is unwinding, don’t believe the average price BULLSHIT.

What we’ve been waiting for IS unfolding.



If they list at triple of the assessed value, it just means the seller is not in rush to sell. They are simply fishing for fools.