Sanj Mand
@sm_cmc
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Mortgage Broker M18001940 | Co-Founder Cascade Mortgage Capital | Lic # 13397 smand @cascademortgagecapital .ca
Toronto, Ontario
Joined December 2021
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Pinned Tweet
My sister wrote a children’s book about the virtues of Sikhi. Might be good for a little one in your life.
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32,000 condos closing this year… 1/3 of properties purchased by investors. ~10,000 units hitting the rental market this year… if you believe rents are going up, I got a bridge to sell you.
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Detached for under $1M in Brampton was unheard of a few weeks ago. $430K below asking.
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Mortgage fraud caught on camera: Undercover investigation (Marketplace)
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TRREB calling for 40 year amortizations so they can keep collecting fat registration fees, realtors keep making big commissions, and prices stay inflated. Kicking the can down the road at the expense of the younger generation and FTHB.
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And the hate mail has begun… debating if I should post screenshots of the dumb emails I’m getting. Lol
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About time for the annual “why did you move from India to Toronto instead of California” conversation with my old man.
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Interesting stuff happening at the big banks... OSFI reviewing borrower debt levels and having banks reduce available limits on HELOCs. This is moving to squeeze the STEP type products for the near term.
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If the RBC acquisition of HSBC goes through after this scathing report on fraud, it is further confirmation that the banks know and don't care.
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So
@agentgina1
and I had an interesting chat yesterday about house values in relation to mortgages. We went through an exercise of analyzing the value of a home purchased in 1991 at the end of a 25 year mortgage. From 91-99 the home value was negative.
Its a long one...
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It’s been an interesting 7 days. A bit of hate mail, some disappointing feedback from people close to me, however the response has been overwhelmingly positive. Messages coming from near and far of support and kindness… Faith in humanity restored.
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Shout out to the dude in front of me at Petro Canada who bought 2 single roses… I have so many questions.
Congrats on living rent free in my head for the rest of the week.
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Noticing an interesting phenomenon in my neighbourhood, the failed listings don't have for sale signs anymore, they have bins in the driveway. Instead of dropping the price they are putting money into the renos to try to get the price they need. This won't end well.
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@ProjectEND
529 sq ft but 200 is hallways. Jesus Christ…this should be illegal.
How can you sell a 529 sq ft 1 bed that is smaller than a 461 sq ft studio?
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@LysolLeft
@ManyBeenRinsed
@RE_MarketWatch
Something about protestors wearing dress shirts and blazers just seems off
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Had an interesting chat with someone last night. Very high earner, high net worth individual with a network of similar people. For the last two weeks he's been getting regular phone calls from people who would be described as the top 1% asking for money.
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Federal Government announces direct linkage to CRA for verification during the mortgage process.
FINALLY!
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If the post was about international students dancing at Dundas sq it would have gone viral already.
Perpetuate and amplify the good, and you will see an abundance of good.
Sikh students handing out care packages in Toronto.
Seva happens through the magic of intention and via the power of community spirit. ❤️
Love to see it. 🙏🏽
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If somebody is telling you about a pivot coming from central banks, do yourself a favour and pivot away from there.
I said it yesterday on the Space, 50-75 BPs coming in both BoC announcements, looks like 75+ in each.
Rates are not coming down anytime soon. Plan accordingly.
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Speaking to one of my lawyers yesterday… seeing 1-2 Power of Sale files coming across per day now.
Inventory likely grows substantially in the new year among a rush of forced sales as a result of overleveraged borrowers.
The majority of files so far are funded by privates.
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Variable Rate Mortgage (VRM), Trigger Rates & Trigger Points… a thread. 🧵
There has been a lot of talk lately regarding trigger rates and trigger points in relation to VRM, in this thread I will explain what they are and how they work.
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Getting random phone calls with spoofed numbers… complaining about me “making stuff up” on CBC. Did you even watch the entire thing? There’s hidden camera footage… Irrefutable evidence.
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I’m not sure who needs to hear this, but putting a Tom Ford or Chanel catalogue on a table in a poorly renovated house doesn’t make it luxurious.
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A transportation industry titan has fallen. Cant confirm and won’t name but $1.6b in debt, $700m to one creditor alone. Thousands of units of equipment on the road impacted by this.
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Another builder about to crumble under the weight of their own scandalous actions. Easy to hide dirt in an upward market.
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This one’s gonna be a doozy
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We've seen Just-In-Time inventory systems proliferate as a result of globalization... it seems like some investors have been running Just-In-Time businesses... getting their revenue just in time to make their payments... Is this a paycheque to paycheque investment strategy?
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This perfectly sums up the experience of 19,000 people… incredible night! Top bunda
@diljitdosanjh
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Welcome news, puts a hard limit on the volume of international students each school can take in - that is the number of students they can house.
Does this lead to rental arbitrage, or turn schools into REITs/Institutional landlords?
Mom and pop get wiped out.
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Post-secondary schools must guarantee housing for international students: Ontario
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PSA: when sharing RE horror stories, no matter how anecdotal, be sensible… do what you can to keep things unidentifiable. Folks are hopping from story to story to show how bad things are getting but forget that there’s real people with real pain on the other side.
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@Sha_Moore
@SolidusShaz
@J_Ran85
@a_duckett
Not to mention the Black Panther roots. He may have become gangster later in life but he was always a real one. Fighting for his people and community. Can never look down on a man who stands up for his people to his own detriment.
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I acknowledge, that this is a straight line exercise, neither life or homeownership are a straight line. This is simply to illustrate what the real cost of ownership, and real equity are through the life of ownership.
Make of that what you will.
Fin.
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Interesting chat with a realtor this morning, almost all of his calls since the rate announcement has been sellers jumping at the opportunity. Sellers hoping for a second chance to deleverage could end up chasing the market down another leg.
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Tell me again how all the fraud is from Brampton... biggest RE frauds to come out so far have nothing to do with Brampton or Punjabis, cause lets be real, that's what people are insinuating.
Wild story. Owner of a brokerage that did $2.4B in volume in 2022 nailed for blatant document fraud. Personally created fake docs. Ordered to lose license for 1 YEAR and pay $110k fine. WTF?!
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Seeing another non-renewal from a private. Borrower can’t refinance the existing loan amount with another lender and doesn’t have the resources to shore it up. Borrower is prepared to let it go to POS. Losing their down payment and funds invested into the renovation.
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The relationships, memories and people are what matters. Nobody remembers the money, cars, clothes or investments. It all stays behind in the end, but the memories live on in the people you’ve impacted. Do your best to leave everything better than you got it.
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Internet shut off, army deployed, mass arrests and the only tweet I’ve seen about it is from the one account they can’t shut down. Scary times in Punjab. Don’t be surprised to hear about human rights violations or worse in the coming days. Sikhs have seen this movie before…
Mass arrests/detentions including that potentially of S. Amritpal Singh, disconnection of internet services on the eve of Khalsa Vaheer & S. Shubhdeep Singh Moosewala’s Barsi- both democratic events we support- have caused panic and confusion amongst masses and are condemned.
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Seems like the narrative is that rates only went up 50 BPs… this doesn’t mean things are suddenly fine. Still lots of pain reverberating through the economy.
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Nov sale didn’t close… Feb buyer saved Nov buyer from litigation, only to take a bath on it now. Ouch.
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Today I will attend the funeral of someone I played hockey with weekly for many years… 34 years old.
Tomorrow a friend attends the funeral of his uncle, on his uncles 65th birthday.
Dont wait to do or say the thing.
Today, it’s all you’ve got.
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Speaking to some folks in the trucking industry today, lots of companies reducing driver compensation. Trucking is a leading indicator of what’s to come.
Buckle up.
Trend in Canadian consumer proposals is something...
FYI proposals are restructuring of unsecured debts including deficiencies on underwater auto loans/mortgages.
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Jan 2022 end users losing bidding wars to specu-vestors
Jan 2023 specu-vestors losing bidding wars (sometimes their shirt) to end users
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2 calls in the last 24 hours where borrowers are seeking rescue capital with a pending power of sale... 3 since Friday. I'm by no means the busiest or highest volume broker, but that's a lot of inquiries for that time frame.
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Buy one, wait for the value to go up, extract equity and roll it into the next one. Can't help but think these folks have little to no equity in their portfolio.
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Telemarketer: hi how are you?
Me: good who is this?
TM: this is Sam from air duct cleaning services
Me: Sam I live in my car
TM: okay sir, have a good day.
😂😂
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For the love of god, have a lawyer review a pre-construction purchase agreement.
Request a blank agreement from the builder prior to going to the sales center and have your lawyer review.
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So primary residences as an investment... not so great.
It's a great place to live, grow a family, and build memories, thats about it.
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PSA: a power of sale isn’t really a deal. It means someone ran out of money and options. Lenders are trying to recover money.
E.g. A private lender enforcing power of sale today is likely trying to recover ~80% of the value of a property from ~12 months ago.
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Can’t say I haven’t been warning people.
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Dropped a car off for service this morning and they called me an Uber instead of having a courtesy shuttle. Is this common?
Wonder how this impacts the bottom line for dealerships… one less vehicle to maintain, hitting demo inventory, and at least 2 employees off the payroll.
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Seeing plenty of homes on the market that are completely empty… that’s a sign you’re dealing with a motivated seller, they’ve likely already moved into their new home.
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Found this beauty on Reddit… uniquely Canadian marketing.
We are nowhere near the bottom.
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The legend himself
CBC Mortgage Fraud Program
Lots to think about but let's start with one truth
Some of it's racist AF
Yeah I know: North America Boomer White Man (The Genetic Lottery Winner) comments on racism Phuleeeese!
And although
@sm_cmc
very correctly said: all people do it
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Brampton the most generous community in Ontario... Not surprised at all, the community steps up for those in need wherever we can.
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@ronmortgageguy
I'll make it even easier. In the US cars being shipped must dry dock for 30 days. In Canada, no such requirement. Step 1, mandate dry docking for 30 days. Step 2, what Ron said.
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$69.5m power of sale… development is not for the faint of heart or shallow pockets.
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These are people who have had money for decades. Until two months ago they were talking about planned acquisitions, and business expansions etc. Suddenly they are asking for private money to keep afloat.
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Seeing a big slow down in transportation… one of the biggest container load companies in Ontario doing rotating days off compared to having enough work for 6 day weeks before. Long haul drivers stuck in the US for 2-3 days waiting for a return load.
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"Yeah I'm a direct private lender we do all kinds of stuff, send me your next deal"
send the deal...
Pricing comes back with 3-4% lender fee.
You're not a lender, you're a pretend broker. You don't have direct funds, you're faking it.
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Maybe leave the TRUMP KEEP AMERICA GREAT shirt in a drawer when taking listing pictures… $4.3m listing in lakeview.
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Eternally grateful for my people and all the love… one of the best birthdays yet!
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Working a renewal with a borrower this week… from 3.29% to 7.94%. 2 year terms for both. Damn.
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This same individual who told me about this was telling me about people growing aggressive real estate portfolios over the last ten years... picking up farms, warehouses, industrial properties, development land, etc.
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Spent the morning in my parents old neighborhood today… their first home is now a coffee shop!
If you’re ever around Lansdowne and Bloor check out Nofas Coffee. Nice little cafe, owners are great people!
Popped into their neighborhood Gurudwara afterwards!
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@TwitterSupport
what kind of silliness is this… free
@EconomicWoes
Speaking the truth about frauds in 2022, gets you suspended from twitter
Unbelievable time we live in, man........
@EconomicWoes
FREE HIM!
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Seeing assignment activity picking up in Calgary… first sign of Ontario/BC investors trying to liquidate?
Assignment flipping has never really been a thing in Alberta.
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Court offers to drop fraud charges if defendant pays restitution, he proceeds to commit more fraud to raise funds for restitution and charges get dropped. So ridiculous it has to be made up, except it's not. No incentive to run a clean business in Canada. Sad state of affairs.
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@ShaziGoalie
@RE_MarketWatch
@daniel_foch
@ronmortgageguy
@FrankfortReport
@CamCassidy
@agentgina1
@VinceGaetano
@Senseto_dollars
@PeterofRecord
They’re playing naming games on housesigma… hides the old sales history. Searching with out north in the name brings you to a listing with pictures.
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These people are bankable, in fact likely private banking clients, their commercial assets are institutional grade... but they're asking for money like tomorrow and willing to pay the price for it. How did it get so bad so quickly?
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Flying out of YYZ this morning… from drop off to the gate, 28 mins. Thanks Twitter, now I gotta figure out how to kill this extra hour.
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Please come out and support the international student protest in their efforts to push for a stay of deportation. These folks came to this country for a better life and to work hard, having already completed an education and furthering it in Canada to establish themselves.
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Last time we had a July this slow Tupac was still alive.
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Expect to hear more stories like this if a market correction continues or gets worse. Folks that used privates to close deals that were already strenuous will be in a tight spot as everything gets more expensive. 1/
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@nasmadotali
A friend of mine is a divorce lawyer, he’s seen a massive influx of files in the last 6-12 months. Majority of them are for financial reasons.
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If you're thinking about buying a preconstruction property, I implore you to take resale and assignment options into consideration. The price per foot ain't mathing on precons and there are deals to be had elsewhere in the market.
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Watch out for late cycle snake oil salesman trying to get your hard earned money on “can’t lose” investments. Likely seeing the final round of fraud and scams currently.
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Commuting downtown is wack. People actually want to do this nonsense?
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2 York Region (Vaughan & Richmond Hill) shootings, 1 in Toronto and Brampton respectively... Brampton gets the headline. No surprise here considering the source.
@gurpartapstoor
@patrickbrownont
#REPORT
: Cineplex is removing South Indian film screenings following a series of drive-by shootings at Brampton and GTA movie theatres that are being linked to a turf war.
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@StephenPunwasi
You want stable growth and a soft landing? Best we can do is moon shots and crash landing.
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