In this episode, Alex McFadyen, Mortgage Broker and Owner of Flow Mortgage Co., explores various significant changes impacting the Canadian real estate market. Starting with the Canadian Federal Government’s October 8th announcement on the return of insured refinancings, a program which facilitates constructing secondary suites up to 90% of a property's 'as complete' value, Alex examines how these adjustments could benefit homeowners and investors alike. He also delves into new secondary suite incentive programs introduced by the federal government and provinces like British Columbia, analyzing the implications for zoning laws, rental income, and multi-family living opportunities. In addition, the episode covers potential taxation changes, including a proposed tax on vacant land and the underused housing tax, and discusses their broader market impact based on historical precedents from Ireland and South Africa. Throughout the episode, Alex provides critical insights on municipal acceptance challenges, the federal stance on housing solutions, and the anticipated effects on first-time homebuyers, while encouraging audience interaction and feedback.
Alex McFadyen is a seasoned independent mortgage broker with over 11 years of experience in the industry. Alex is the owner and Mortgage Advisor of Flow Mortgage Co.
Alex’s Social Media: @themortgagepug
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