Sign Petition

Keep Competition in the Canadian Mortgage Market

2,019 Signatures Goal: 3,000,000

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.

3

Highlights

October 6
Petition has reached 500 signatures!
October 6
Petition has reached 250 signatures!
October 5
We are now live!

Is there a cause you really care about? Start a free petition like this one and make a real difference.

  • Jayme L Knyx
    Jayme L Knyx Canada, Vernon
    Nov 21, 2016
    Nov 21, 2016
    New rules are extremely toxic for new home buyers...So much for True North strong and free!! Are home and an unaffordable land! In all thy mortgages command..
  • Jennifer moran
    Jennifer moran Canada, Edmonton
    Nov 19, 2016
    Nov 19, 2016
    I had to move from bc where I was born and raised because I would never be able to afford to buy a home. Now living in alberta I had hoped I would be able to. You would take that chance away!
  • Sakouna Kanyavong
    Sakouna Kanyavong United States, Saint Paul
    Nov 19, 2016
    Nov 19, 2016
    Keeping the old standard makes housing markets mate competitive.
  • Giancarlo Mosca
    Giancarlo Mosca Canada, Concord
    Nov 18, 2016
    Nov 18, 2016
    My information provided is confirmation that is to acknowledge as a signed petition .
    Thank you
    Giancarlo Mosca
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2019

Signatures

  • 3 hours ago
    Irene Gatto Canada
    3 hours ago
  • 2 months ago
    Nora Sharifpour Canada
    2 months ago
  • 2 months ago
    Dora Aviles Canada
    2 months ago
  • 2 months ago
    Jayme L Knyx Canada
    2 months ago
  • 2 months ago
    Jennifer moran Canada
    2 months ago
  • 2 months ago
    Cristie Semeniuk Canada
    2 months ago
  • 2 months ago
    Maria Thomadakis Canada
    2 months ago
  • 2 months ago
    Sakouna Kanyavong United States
    2 months ago
  • 2 months ago
    Giancarlo Mosca Canada
    2 months ago
  • 2 months ago
    Anthony shibley Canada
    2 months ago
  • 2 months ago
    Alonso Aragon Canada
    2 months ago
  • 2 months ago
    Christine Shibley Canada
    2 months ago
  • 2 months ago
    janet pasol Canada
    2 months ago
  • 2 months ago
    Heather Hrynyk Canada
    2 months ago
  • 2 months ago
    Dixie Canada
    2 months ago
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