You do not see
too many events advertised regarding real estate, appraisals, and mortgages. Most advertised events deal with real estate and investment.
We need more
events where the subject is only appraisals and mortgages without the added “investment”
angle, because there is so much misinformation which leads to unreasonable
expectations from those who are getting an appraisal or a mortgage.
Such an event (no investment talk) was one which I attended recently in Guelph, Ontario, entitled “Real Estate Pulse 2024” where the
speakers were from an appraisal company, Value Connect, a mortgage insurance company, SAGEN, and a mortgage brokerage, The Mortgage Centre.
The speakers provided valuable insight into current issues in appraisals, mortgage insurance and mortgage borrowing. A focal point was that of artificial intelligence (AI) and how it may affect the quality of an
appraisal, the selection of the appropriate mortgage and how it may affect real
estate. No one knows for sure the ultimate
impact of AI in any sector. Yes, AI is used
in the financial and real estate sectors and many professionals have posted an
opinion about its effects, but it will evolve over time and we will find out its true impact to the homeowner / borrower as the changes present
themselves.
Some other topics discussed were: What circumstances are appraisals and mortgage insurance required and what is involved? And, of course, with high interest rates, what
can homeowners expect when their renewal comes up this year?
In the
meantime, it is important to deal with facts, which means you want to know who is providing the
information, what are their credentials,
what is the source of the information provided and so on. Many times, a
speaker will make reference to a study or to statistics and when I ask for a
copy of the report they are referencing, I never get it. It makes me wonder how accurate are their
statements and information.
In any case, it was great to see people come out and mingle in person. There was great discussion. AND this event
was a great start to the year.