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I'm not sure if you guys have applied for a mortgage recently but this is the jist of it:
1) T4 and Notice of Assessment for last 3 years
2) personal financial statement (for some banks only)
3) Company financials if you are self employed
Offshore money is 1 thing, but I think a major catalyst is the low interest rate environment + slumping economy. Banks are lending like keeping money is dirty.
Recently my mother and I invested in a property. The purchase was funded by a mortgage and the down payment was funded by a line of credit secured with our home. We didn't take out any money and I suspect its the same for a lot of people. We just pay a small amount every month but the monthly appreciation is definitely way above the payments.
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