OTTAWA, Oct. 16, 2018 /CNW/ - Leaders of Canada's national mortgage industry association are meeting with over 50 Members of Parliament and senior government officials over the course of the day to update decision-makers on the continued negative impact of the 'stress test' and how recent federal mortgage rule changes are hurting Canadians. Members discussed concerns on housing affordability, availability and accessibility being seen in regions across the country.
"Fewer Canadian now are able to obtain the mortgage they need to acquire a home, and many sellers now find fewer buyers to sell their home too," said Paul Taylor, President and CEO of Mortgage Professionals Canada (MPC). "As we first outlined at the time of the mortgage rule changes, it's now clear that our concerns regarding the cumulative impact of said changes are decreasing competition and increasing costs for consumers."
While MPC acknowledges the government's intent of these regulations, we also know from our members and their clients that these new rules have indeed made it harder for Canadians to achieve the Canadian dream of homeownership, whether they be millennials, single parents, or recent immigrants; indeed, all aspiring Canadians.
"We ask that the government reconsider and recalibrate these policies to ensure the Canadian Dream is as achievable for this generation as it was for their parents and grandparents," said Mark Kerzner, MPC Board Member. "We have outlined five clear asks that reflect the growing national evidence being felt by Canadians from coast to coast, which includes uncoupling the 'stress test' from the Bank of Canada 5-year benchmark rate and be set to 0.75% above the contract rate set by the lender, as well as changes to the B-20 'stress test'."
Mortgage Professionals Canada is the national mortgage industry association whose members include mortgage brokers, mortgage lenders, mortgage insurers and industry service providers. The association represents over 11,500 individual members and over 1,000 businesses across Canada.
SOURCE Mortgage Professionals Canada
For further information: Christian von Donat, Mortgage Professionals Canada Public Relations, C: 613-408-0498, email@example.com