MP Dan Albas might have said it best when addressing the president and CEO of CMHC Evan Siddall, “Some of the best advice I have ever received was, to think of people and not for them, and when I read this (referring to the government mortgage changes made by CMHC), I think your agency is thinking for people.”
Simply put, the recent mortgage rule changes made by our government has made mortgages less affordable for the typical Canadian, and has lessened the competition in the mortgage marketplace. This is not a good thing for you. At some point you have to ask yourself, “Do I believe the government should be making it impossible for my kids to ever buy a home in Canada, and should it be more expensive to access the equity I have saved up in my home?” Because that is exactly what these changes are doing.
Let us explain in a little more detail, and give you some ideas about what you can do about it.
Now, admittedly, this can be pretty dry material, the following will include mortgage rules, changes to these rules, organizations you may have never heard of, government intervention on stuff most people have little knowledge of but impacts them greatly, the way mortgages are bought and sold, standing committees, sitting committees, and committees designed to figure out whether we need both standing and sitting committees. Joking aside, we assure you, this is really important stuff. So here is the background…
Canadian Mortgage Expert’s top dog Mike Loyd was recently asked to speak to the Standing Committee on Finance in Ottawa as a representative of mortgage brokers across Canada. You can watch his edited down 50 minute testimony here or by hitting play on the video below. Great information here…
Don’t have 50 mins to watch the video? Here is a summary of Mike’s thoughts on his experience in Ottawa.
“In my opinion, the Government made these changes from very high up. They did not consult anyone in our industry (other than a few Big Banks one presumes along with CMHC & OFSI) and it seems they didn’t even consult or inform their own MPs. Our time speaking to the Committee seemed less aggressive than I expected it would be, and gave me the feeling that not all of the Liberal MPs were thrilled having to defend something they knew little about, and did not necessarily agree with (the results at least).”
The President of CMHC told the committee they knew of the consequences these rule changes would cause and they intended them that way. This is a much watch video here. This is worth fighting, Ottawa bureaucrats who control OFSCI & CMHC who think they know whats best for Canadians, or as Dan Albas put it, thinking for us, not of us.
Now, Dan Albas, the Conservative MP for Central Okanagan/Similkameen/Nicola has been one of our biggest allies on the Committee and in the House of Commons. Dan understands how this is going to hurt competition, the monoline lenders, mortgage brokers, and Canadians. Here is one of Dan’s videos from the House of Commons where he explains how these changes will make mortgage refinances more costly for Canadians.
So, What Can We Do?
What can we do to help fight these overbearing rule changes? Well, this is the part that takes a little work. It’s not easy to make your voice heard, but we assure you that it’s important and we suggest that if you haven’t already done so, please send an email to your MP.
Not sure how to do that? don’t fret, we’ve got your back! Although the following is designed to help mortgage brokers make their voices heard, a lot of the material can be used by concerned Canadians as well, so regardless of who you are, this should be able to help!
Here is a link to the advocacy page on Mortgage Professionals Canada.
If you want to find out who your Member of Parliament is, this link will help you out.
Some great talking points provided by Mortgage Professionals Canada can be found below. Thanks so much for getting this far, we appreciate you joining us in this endeavor.
And if you are looking for more information, then give this a look through.
Thanks for your time. We sure appreciate you!