Gurupkar Gill has a steady job teaching English and tutoring international students. The 29-year-old chooses to flesh out his 30-hour workweek with gig work, because he enjoys the flexibility and relative intellectual ease.
A Toronto native, he hasn’t yet ventured into the high-stakes world of Toronto real estate.
But when it comes time to secure a mortgage, he may find that flexibility has a price. That’s because banks and other lenders like to see adequate, consistent, reliable income when approving a mortgage with their best rates, which adds an additional layer of complexity for self-employed and gig workers.
In the years since the pandemic disrupted the work force, spurring layoffs, career shifts and breaks from the work force to look after children, housing has skyrocketed, with average resale house price topping $1-million in nine cities or regions in Canada. Getting a good mortgage rate has never been more important.
Recent Comments