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private lenders

Some prospective homebuyers are turning to private mortgages in this red-hot Canadian real estate market. A private mortgage is a home mortgage from a private individual or company that is not a federally regulated financial institution. In an environment of historically low-interest rates and strengthening demand for limited residential properties, Canada’s private mortgage lending market is thriving amid tighter federal rules and regulations. Private lenders will argue that the current rules are too conservative and could leave too many people on the sidelines, especially when prices are growing at exponential levels.

Statistics Canada data show that non-bank residential mortgages rose to approximately $339 billion as of…

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