All levels of government are concerned with the overall health and affordability of the Canadian housing market. The first order of business is to gather input from various industry participants to see how the recent mortgage rule changes have affected first time homebuyers buying their first home.
Recently the House of Commons, through its Standing Committee on Finance, released a report on Canada’s housing market(s). Members of Parliament from all political parties have heard and understood the concerns of the mortgage industry and made 5 recommendations for the Government of Canada:
- They will work with provincial governments to ensure that — when needed — they implement responsible measures for stable, affordable regional housing markets.
- They will examine increased support for first-time homebuyers.
- They will use Statistics Canada to address gaps in housing-related data by creating a nationwide database. The database could provide data on such items as home purchase and sales, non-primary mortgage lending, foreign ownership, and real estate investors.
- They will hold off on further changing Canada’s mortgage regulations until they have had enough time to assess the effects of the October 2016 changes.
- They will to ensure that mortgage regulations treat all mortgage lenders fairly.
The last two points are of particular interest to anyone who believes that, as mortgage consumers, we should have all the choices available in the mortgage marketplace and that fair competition from all mortgage providers benefits those wanting the best possible rates and terms.
Mortgage Professionals Canada is a national association that has advocated for fair competition and regulations that benefit all mortgage consumers. Click here to have your voice heard with the Government.
If you or anyone you know would like to know more about the recent announcements and how they impact us all, please simply email or phone us.