Representatives from Mortgage Professionals Canada (MPC) united in Ottawa this May to lobby for changes to Canada’s federal mortgage eligibility and financing laws which “unnecessarily impact Canadians and the economy.”
The group included mortgage brokers, lenders, and insurers from across Canada who were intent on meeting with key decision makers to highlight the negative impact of the B-20 mortgage “stress test” on domestic home buyers and the economy in whole.
“Canadians, especially younger and new Canadians, have found it increasingly difficult to buy a home as a result of recent federal regulations,” said Paul Taylor, President and CEO of MPC. “As we continue to say, the current regulatory framework is decreasing competition and increasing costs, and ultimately reducing accessibility for consumers.”
MPC says housing affordability, availability and accessibility are topics of growing concern for both the public and politicians alike as election season nears. To that end, it is committed to providing industry knowledge and research to help elected officials provide a path forward for those Canadians struggling with the housing market.
“We ask that the federal government listen to Canadians, and read the research illustrating how current regulations are preventing many Canadians from achieving their dream of homeownership,” said Claude Girard, MPC Board Member. “We agree on the first steps to fixing housing access in Canada: adjust the stress test to an appropriate level and allow the mortgage industry to offer more accessible products, in order to help those who want to become homeowners achieve their Canadian dream.”