"...We have to add a 1.5 per cent margin to cover our costs, so effectively, that makes our mortgage about four per cent more expensive than the RBC or Scotiabank five-year mortgage, as an example," he said..."
"...According to Statistics Canada, out of more than 1.7 million Muslims, more than 800,000 live in a "tenant-occupied dwelling" rather than owning the home they live in...."
"...Many mortgage insurance providers do not insure Islamic mortgages as a rule, because the legal structures can be different depending on the provider.
While a 2010 report for the Canada Mortgage and Housing Corporation said Islamic financial products should not "present any particular difficulties" under Canadian accounting standards, years later they are still far from widespread and there are legal issues that come into play such as who is registered on land titles, and whether a rent-to-own contract is subject to landlord and tenant legislation in various provinces..."
CBC News: Interest-free, but not without charges: Islamic mortgages hit the Canadian housing market.
https://www.cbc.ca/news/business/halal-mortgages-canada-1.6690798
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