Mortgage professionals Canada reacts to Budget 2017

Mortgage Professionals Canada, the national mortgage industry association, is pleased that the government has listened to our members and has not made any new mortgage rule changes that could negatively impact them. We also support the significant investments made in Budget 2017 to create a national Housing Statistics Framework, which will greatly improve the quality of housing data in Canada. This is an important step that responds to our calls to assess the impact of the recent changes.

“We are pleased that the government has listened to our concerns and not introduced any additional measures that would negatively impact Canadian mortgage consumers” said Paul Taylor, President and CEO, Mortgage Professionals Canada. “We applaud the government for listening to our membership and taking steps to significantly improve the quality of housing data in Canada. This will help assess the impact that the recent changes have had on Canadian homebuyers.”

Mortgage Professionals Canada also supports the government’s efforts towards creating a resilient and competitive financial sector and looks forward to continuing to work with the government on ensuring financial stability, competition, and choice for Canadians. We will continue to work with government on the ongoing consultations on lender risk sharing and will continue to advocate for technical changes to the mortgage insurance and eligibility rules that were announced in 2016.

Mortgage Professionals Canada is the national mortgage industry association representing 11,500 individuals and 1,000 companies, including mortgage brokerages, lenders, insurers and industry service providers. The mortgage broker channel we represent, originates 33% of all mortgages in Canada and nearly 50% of mortgages for first-time homebuyers, representing approximately $80 billion dollars in annual economic activity. With this diverse and strong membership, we are uniquely positioned to speak to issues impacting all aspects of the mortgage origination process.

 

SOURCE Mortgage Professionals Canada

For further information: Paul Taylor, President and CEO, Mortgage Professionals Canada, 416-644-5465  905-334-1165, ptaylor@mortgageproscan.ca