VICTORIA, BC, Nov. 7, 2017 /CNW/ - Members of Mortgage Professionals Canada were pleased to have to meet with over 30 of Members of the Legislative Assembly, from all three political parties and senior government officials today. Members discussed issues of housing affordability, availability and accessibility as well as the negative impacts that the recent mortgage rule changes are having and will continue have on British Columbian consumers.
"We are concerned that the cumulative impact of recent mortgage changes is slowing housing market activity, decreasing competition and increasing prices for consumers," said Paul Taylor, President and CEO of Mortgage Professionals Canada. "During our meetings, we also discussed ways to make homeownership more affordable for British Columbians and we look forward to our ongoing dialogue with B.C. MLAs."
The federal government changes are slowing housing market activity, keeping qualified British Columbians out of the market, decreasing competition and increasing costs for consumers. The association is calling on the provincial government to meet with the federal government to discuss why the changes are not solving the housing affordability problem and are making it harder for first-time homebuyers to enter the market.
British Columbians would be well served by improving housing affordability through focusing on promoting and encouraging more supply into the market. The government should find ways to reduce red tape and costly development fees, and provide incentives for builders to create more single-family detached dwellings. Mortgage Professionals Canada is also calling on the government to refrain from extending the foreign buyers' tax and to continue to support the BC HOME Partnership Program.
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: Paul Taylor, President and CEO, Mortgage Professionals Canada, O: 416-644-5465 / C: 905-334-1165, ptaylor@MortgageProsCan.ca