The Department of Finance has confirmed that these essential mortgage programs will remain in place to support consumer choice and market health. It is a relief to see these concerns acknowledged and addressed in a way that preserves competition for all Canadians. I am profoundly grateful to the 2,266 people …
November 15, 2016
Final supporters
Keep Competition in the Canadian Mortgage Market
We are asking the Department of Finance to consider the important place non-bank lenders play in the health and competitiveness of the Canadian Mortgage Market.
While we endorse the DOF’s intention of providing a secure housing market and stable mortgage environment for Canadians and we support the curbing of growing debt loads in our country we are asking that consideration be given to importance of choice and value for Canadian Mortgage consumers.
The recent proposed rule changes have many welcome elements including 5 – Year Fixed Rates stress tested at the BOC Qualifying Rate, elimination of bulk mortgage insurance for rental properties and the closing of tax loop holes for capital gains on properties that may not actually be owner occupied. We endorse all these measures.
We respectfully call the DOF’s attention to two key elements of bulk insured mortgage programs that have served the Canadian public admirably for many years:
30 Amortization for Owner Occupied Purchases with Bulk Insured Conventional Mortgages – this program has been a boon to rate competition and consumer choice in this country for decades. This portfolio’s performance has been exceptional for mortgage insurers and lenders alike and has allowed a healthy alternative to the Big 6 banks that control 93% of the Canadian public’s assets. While we understand the DOF’s concerns over use of sovereign debt guarantees we are sure those concerns are outweighed by the true benefit to Canadians to allow choice and rate competition. 30-year amortization is a frank necessity when purchasing homes in major Canadian cities and it is extremely important that the mortgages required to purchase Canadian homes not become the exclusive domain of 6 Canadian banks, this change would be neither wise nor healthy in the long term. Canadians deserve more than 6 choices when they shop for 30-year mortgage financing.
Conventional Mortgage Refinances using Bulk Insurance – this is also a highly successful program that has provided tremendous benefits for Canadians and performed flawlessly for both Mortgage insurers and lenders for decades. While we recognise the DOF’s desire to curtail relentless re-mortgaging of properties we believe that reducing the consumer’s choices for mortgage refinancing to 6 banks is not in the long term interest of Canadians. Changes to the rules governing bulk insured are welcome but the complete elimination of this program is anti-competitive in the extreme.
This petition is meant help all the mortgage consumers in this country and also allow thousands of hard working individuals working at non-bank lenders to retain their jobs. The simple truth of the DOF’s present proposal means that non-bank lender volume of business would reduce by 65% causing massive harm to a vibrant, safe and valuable mortgage origination industry.
Updates
Reached 1,000 supporters
October 7, 2016
Reached 100 supporters
October 6, 2016
October 3, 2016
Reaching our first hundred signatures represents a meaningful acknowledgment that the current landscape of mortgage lending deserves careful review. Please consider sending this link to someone who values market choice so we can finalize this initial showing of public interest before our next step.
544 Comments
why cripple our industry we provide strong competition to the banks and we keep them honest without us mortgage rates would be at 5% and bond rates would be the same then look at what the banks would make and the consumer would just have to suck it up.
We must allow Canadian consumers maximum choice especially with a well regulated independent mortgage brokerage industry as developed as it is. Independent mortgage brokers provide better advice and options than do bank and credit union reps.
Keep bulk insurance for refinances. maybe lower the max refi limit to $750k or $650k on an insured refi. Same for rental purchases. It is not good competition if there are only 6 main lenders for rental purchases and for all refinances!
These changes are shocking and the pendulum has swung WAY TOO FAR thanks to the government getting Involved WAY too late. Don't destroy an industry of mortgage brokers and change policy to only help the banks. This smells of bank lobbying to the 100th degree!!
please add removing the need to qualify at 4.64% for low ratio bulk insured programs as this gives an unfair advantage to banks/credit unions who do not need to bulk-insure all their conventional mortgages like the non-bank lenders must do
Why is the government controling the realeste market ? Money in thier pockets that's why
Even as a journeyman in my trade I can't qualify for enough to buy something within an hour commute or less. Then they put a stress test on the first time home buyer's as well. I would like to know why the foreigners are still able to buy so easily and drive up housing prices. I know very well they are not working making 30+ an hour. If they were they would be in our shoes and yet we cannot still afford anything even a dump. Apartments 30 minutes outside of Vancouver are priced at $450,000. Completely unacceptable for citizens not even able to afford a place even with more than 10% saved to put down.
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The Department of Finance has confirmed that these essential mortgage programs will remain in place to support consumer choice and market health. It is a relief to see these concerns acknowledged and addressed in a way that preserves competition for all Canadians. I am profoundly grateful to the 2,266 people …
November 15, 2016
Final supporters
Keep Competition in the Canadian Mortgage Market
We are asking the Department of Finance to consider the important place non-bank lenders play in the health and competitiveness of the Canadian Mortgage Market.
While we endorse the DOF’s intention of providing a secure housing market and stable mortgage environment for Canadians and we support the curbing of growing debt loads in our country we are asking that consideration be given to importance of choice and value for Canadian Mortgage consumers.
The recent proposed rule changes have many welcome elements including 5 – Year Fixed Rates stress tested at the BOC Qualifying Rate, elimination of bulk mortgage insurance for rental properties and the closing of tax loop holes for capital gains on properties that may not actually be owner occupied. We endorse all these measures.
We respectfully call the DOF’s attention to two key elements of bulk insured mortgage programs that have served the Canadian public admirably for many years:
30 Amortization for Owner Occupied Purchases with Bulk Insured Conventional Mortgages – this program has been a boon to rate competition and consumer choice in this country for decades. This portfolio’s performance has been exceptional for mortgage insurers and lenders alike and has allowed a healthy alternative to the Big 6 banks that control 93% of the Canadian public’s assets. While we understand the DOF’s concerns over use of sovereign debt guarantees we are sure those concerns are outweighed by the true benefit to Canadians to allow choice and rate competition. 30-year amortization is a frank necessity when purchasing homes in major Canadian cities and it is extremely important that the mortgages required to purchase Canadian homes not become the exclusive domain of 6 Canadian banks, this change would be neither wise nor healthy in the long term. Canadians deserve more than 6 choices when they shop for 30-year mortgage financing.
Conventional Mortgage Refinances using Bulk Insurance – this is also a highly successful program that has provided tremendous benefits for Canadians and performed flawlessly for both Mortgage insurers and lenders for decades. While we recognise the DOF’s desire to curtail relentless re-mortgaging of properties we believe that reducing the consumer’s choices for mortgage refinancing to 6 banks is not in the long term interest of Canadians. Changes to the rules governing bulk insured are welcome but the complete elimination of this program is anti-competitive in the extreme.
This petition is meant help all the mortgage consumers in this country and also allow thousands of hard working individuals working at non-bank lenders to retain their jobs. The simple truth of the DOF’s present proposal means that non-bank lender volume of business would reduce by 65% causing massive harm to a vibrant, safe and valuable mortgage origination industry.
Updates
Reached 1,000 supporters
October 7, 2016
Reached 100 supporters
October 6, 2016
October 3, 2016
Reaching our first hundred signatures represents a meaningful acknowledgment that the current landscape of mortgage lending deserves careful review. Please consider sending this link to someone who values market choice so we can finalize this initial showing of public interest before our next step.
544 Comments
The mortgage industry is vital to connecting buyers to the right purchase conditions. We have always endeavored to adapt to policy changes. We should be part of the process of making policy not always have to react to knee jerk rules. Thanks
why cripple our industry we provide strong competition to the banks and we keep them honest without us mortgage rates would be at 5% and bond rates would be the same then look at what the banks would make and the consumer would just have to suck it up.
We must allow Canadian consumers maximum choice especially with a well regulated independent mortgage brokerage industry as developed as it is. Independent mortgage brokers provide better advice and options than do bank and credit union reps.
Keep bulk insurance for refinances. maybe lower the max refi limit to $750k or $650k on an insured refi. Same for rental purchases. It is not good competition if there are only 6 main lenders for rental purchases and for all refinances!
These changes are shocking and the pendulum has swung WAY TOO FAR thanks to the government getting Involved WAY too late. Don't destroy an industry of mortgage brokers and change policy to only help the banks. This smells of bank lobbying to the 100th degree!!
please add removing the need to qualify at 4.64% for low ratio bulk insured programs as this gives an unfair advantage to banks/credit unions who do not need to bulk-insure all their conventional mortgages like the non-bank lenders must do
Why is the government controling the realeste market ? Money in thier pockets that's why
Even as a journeyman in my trade I can't qualify for enough to buy something within an hour commute or less. Then they put a stress test on the first time home buyer's as well. I would like to know why the foreigners are still able to buy so easily and drive up housing prices. I know very well they are not working making 30+ an hour. If they were they would be in our shoes and yet we cannot still afford anything even a dump. Apartments 30 minutes outside of Vancouver are priced at $450,000. Completely unacceptable for citizens not even able to afford a place even with more than 10% saved to put down.
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The mortgage industry is vital to connecting buyers to the right purchase conditions. We have always endeavored to adapt to policy changes. We should be part of the process of making policy not always have to react to knee jerk rules. Thanks