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Ron Butler Profile picture
@ronmortgageguy
Sep 27, 2020 • 4 tweets • 1 min read • Read on X
Some Things Are Simple

I have been Blocking folks lately over a general opposition to simple Covid measures

Anti Maskers, sorry, its the most minor inconvenience, you all put clothes on when you leave the house but the law in Ontario is that only shorts mandatory so?

2/
Really just Social Niceties and the mask is so easy, please just give anti masking a rest

If fun is made of the insanity of Trump holding huge rallies with unmasked participants who needs 25 replies about outside is fine and look at the BLM marches

Sweet Jaysus,

3/
Can't we just agree a political rally is not the same as desperately trying to put an end to senseless murder?

Or Strip Bars must stay open?

Or booze must be served till 2:00 AM or rights are being violated?

Hosting 30 people in a home is required?

4/
There will be a vaccine sometime in 2021

Can't we just set aside arguing about foolishness for another 12 or 14 months

Let's just focus on safe ways of keeping businesses open, keeping people working on some basis and keeping kids learning safely and not the petty stuff

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More from @ronmortgageguy

Ron Butler Profile picture
Apr 16
How Bad Is It In New Home Starts In BC & Ontario: Really Bad

To be clear: Homes to BUY

We are experiencing a boom in Purpose Built Rentals like we haven't seen for 35 years

Government has made many moves on tax relief & aggressive financing that makes Rentals attractive

2/
And there is nothing wrong with building rental units: it's smart & important

Much of Ontario & BC's rental stock is old & tired all of these new units are needed & welcome

And rental rates are way too high, the only solution is much more supply

How about homes to buy?

3/
2024 will likely be a 10 to 15 year low in New Home Starts to buy

If you see cranes in the air or new houses being finished remember those are NOT starts those are completions

And VERY important: in Vancouver & the GTA 75% to 80% of new builds are high rise not low rise

4/
Read 6 tweets
Ron Butler Profile picture
Apr 7
Everyone In Canada Should Watch This Video: Why Virtually Every Grant From All Levels Of Government To Business Is A Scam Or In This Case Graft

Your Tax Dollars

The Video is an incredibly damning indictment of Graft, Corruption & by all appearances a BC Government cover up

2/
I believe every word that Chace is saying, it all rings true particularly since the company I work for has & observed similar things in mortgages

The totally rigged & endless waste of money that is the government grants business

Particularly in all things Tech

3/
Let me give you examples: Multiple Mortgage Companies have been given $Millions$ in Government grants to develop Digital Mortgage Applications in the name of Innovation & Development

Except so few of these apps are sold or licensed to any other companies

WHAT! Why?

4/
Read 6 tweets
Ron Butler Profile picture
Apr 3
One True Thing: Young Canadians Want To Own Their Own Homes

Not as an investment
Not to flip
Not as a source of leverage

Just to live in & raise a family

And if they see that idea as hopeless they will be pissed off & no one should wonder why they're mad

Let's be clear

2/
Young people understand that 25 years ago in most Big Cities in Canada average houses cost between 2.5X & 3.5X average income & most couples could buy one

They also understand that in many cities in Canada that's now 4.5X to 10X average family income

Massively harder to do

3/
We can go around & around about why this has happened but ultimately that doesn't help the young people who rightly feel they have been put at a severe disadvantage compared to previous generations

Because they are observablely correct

It's very important to get this idea

4/
Read 5 tweets
Ron Butler Profile picture
Mar 28
This Video Is Ridiculously FALSE

I Believe The Housing Minister is an intelligent, well intentioned person

Virtually every word is false with the possible exception of "and" & "the"

The falsehoods:

1) Millions of Renters want to buy homes..... except they're unaffordable

2/
Nothing about tracking Rental Payments will reduce houses prices to the point average Renters can produce enough down payment or pass the Stress Test

2) OSFI the Government's own Bank Regulator insists Borrowers have provable acceptable Credit History how could anyone

3/
With a history of NOT PAYING BILLS have those non-payment offset by paying rent on time? This is nuts

3) Less than 8% of all applicants for a First Time Mortgage are turned down based on Credit Score 92% are APPROVED or rejected because they could not afford the payments

3/
Read 6 tweets
Ron Butler Profile picture
Mar 26
Is The Golden Era Of Real Estate Rental Investment Finally Hitting A Wall?

There are signs & portents, some immediate some long-term

Since 2004 the success of Investors buying Rentals was pretty much a SURE THING

RE Values went straight up, vacancies were very low

2/
Rental rates went up, Mortgage Rates were ridiculously low & mortgage credit plentiful

Even Covid which should have been an unmanageable disaster for Landlords was short-lived & Government provided a ton of support

After Covid Property Values & Rents soared

Perfect really

3/
Government even provided the biggest increase in population in decades with massive increases in New Immigrants

But has the tide finally turned?

Let's look:

- Government announces drastic cuts in International Students & Temp Workers almost all of them Renters

4/
Read 6 tweets
Ron Butler Profile picture
Mar 25
OSFI The Canadian Bank Regulator Wants To Add Another Layer Of Difficulty To Getting A Bank Mortgage

To simplify: the Regulator wants to test mortgage lending at 4.5X income on a Portfolio basis

NOT on individuals like the Stress Test applies to each individual mortgage

2/
This Income versus Mortgage Amount Test looks at each bank's book of mortgages to determine if the book has over leveraged borrowers

CMHC mortgages are excluded because the Government backs those & there are exceptions for asset rich borrowers

Sounds prudent right?

3/
A little history lesson: OSFI held consultation through 2022 & 2023 & issued a paper with some recommendations of which this change was a major part

But the Department of Finance pushed back: it was hard enough to qualify when rates were in the 6% range this was bad politics

4/
Read 6 tweets

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