Mortgage brokers have seen a surge in people who bought pre-construction condos a few years ago and are now “scrambling” to get financing to close deals.
2. Rumor: CRA cracking down on non-reporting of rental income? (Source: commenter on Greaterfool.ca)
" recently been instructing mortgage lenders to report to them all individuals who have rental properties on their mortgage application and who have not reported them on their tax returns. In other words if you are holding a mortgage for a rental property but have never declared or paid tax on your rental property income, you can possibly expect an audit and allot of explaining to do."