The mortgage rule changes introduced last year have started impact the choices Canadians have when it comes to obtaining their mortgage. The recent changes made by the federal government led to an increase in mortgage rates and a decrease in overall competition in the mortgage market, particularly with options and solutions that non-traditional mortgage lenders provided.
Competition in the mortgage industry is great for mortgage consumers. It provides more options as well as a more competitive rate environment that of course benefits everyone. Our national association, Mortgage Professionals Canada, is a strong supporter of the Canadian mortgage market and encourages more competition and choices that benefits all Canadians.
The Bank of Canada has supported polices they believe will stabilize the risks associated with an overheated real estate market, especially in large cities such as Vancouver and Toronto. However, these policies seem to have little effect on price appreciation in those markets; in fact, they’ve led to higher mortgage financing costs for people right across the country.
As your mortgage professionals, we advocate for more competition and mortgage options so we can deliver even more choices that benefit you. It’s why we work with dozens of lenders. We want to help you achieve home ownership through options and products that can put thousands of dollars back in your pocket.
Getting the right mortgage for you takes a lot of understanding of what’s available in the market. As the mortgage industry continues to evolve, we will always remain up-to-date with all the necessary resources to make sure you have all of the available choices. There are many questions out there today, so if you or anyone you know need mortgage answers, please call or email us.

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