How are mortgage applications changing in the 2023 market?

The mortgage market in Canada has shifted significantly over the past year, with many lenders tightening qualification criteria and more borrowers turning to the alternative space. This has resulted in more complexity in mortgage applications, with shorter-term mortgages becoming increasingly popular as borrowers weigh up the current economic landscape. Furthermore, changing job circumstances have also had an impact, with lenders having to be more flexible and cooperative in helping borrowers meet their financial obligations.

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