Please keep competition in the market. It's unfair to consumers to remove a strong alternative. If you refer to your Bank of Canada study from 2012 - competition in the mortgage market - it has shown that banks always provide consumers with the highest rate they can get away with. The non-bank lenders have offered legitimate, strong competition. This competition has been eliminated in one fell swoop.
C
canam58 caspurr
9 years ago
I saved 2points in interest thru my broker on my sons (1st time buyer) mortgage......leave brokers alone. I have 3 more kids that have no money and cant afford BANK MORTGAGES
R
Ricky Doyon
9 years ago
Competition from non-banker lender is the solution, not the problem !
J
Julie Breaks
9 years ago
These rules have not been thought out and will certainly hurt first time home buyers trying to get into the market, not to mention anyone that needs to sign on for a new term with their bank, it is going to limit if you can even negotiate a better mortgage rate, with these new rules there is going to be a lot of people stuck.
A
Alex Stoller
9 years ago
I fully support this petition
A
Anonymous
9 years ago
I support this petition. The federal government should re consider their new mortgage rules. We need a healthy and competitive market place.
J
Jay Meakin
9 years ago
Ill advised changes that should have targeted the intended markets, not the entire country.
A
ann ogarr
9 years ago
This seems to be madness considering the importance of the real estate market for the economy. The one size fits all approach just doesn't make any sense and the fact that it is happening so fast makes one wonder what the actual motives are and what the consequences for the average canadian will be as their major asset is under attack.
R
Reita Littleford
9 years ago
Prime Minister Trudeau. It is difficult enough with middle class Canada trying to make ends meet...month, after month, after month. PLEASE do not make is almost IMPOSSIBLE for us live in our wonderful Country. With our population what it is, supporting the second largest country on the planet...we r at our limit. STOP! No more!!!
J
Jxr T
9 years ago
How can the whole country be painted with the same brush? The housing economy in Atlantic Canada is not the same as in the GTA region of Ontario. If they want to slow things down in regions such as the GTA, they should impose separate rules there. Imposing these rules in other regions such as Atlantic Canada (which is extremely slow and has been for some time) could put the regions realty market into negative growth!! How can they justify; these changes will protect all regions?? Slower economies in Canada will certainly feel this! Yes, Action had to be taken in these "out of control regions", but not throughout the whole country. Anyway they won't change their minds now, maybe after a painful winter (and lots of gov't handouts) in many parts of Canada, they may reconsider.
J
Jacquie Bushell
9 years ago
Making changes without consultation with the industry suppliers that provide competition in the market place and the brokers that work on the front lines and understand the impact these changes will have on the consumer is dangerous and irresponsible. It's a sad day for Canadians.
H
Heidi Dandurand
9 years ago
The lack of 'lead' time to this has created a situation where Canadians selling their home have done so without knowing the full consequences of NOT requalifying for another mortgage. The lack of information has created scenarios where they have made uninformed decisions as they did not know the impact. Two weeks is by no means a 'proper' notice!
M
Margaret
9 years ago
All people have to earn a living. The banks are already making huge profits.
M
Mel Gilbert
9 years ago
Dropping this bomb on us without sufficient research was not only highly incompetent but verging on madness. How is an enforced crash in real estate prices protecting the tax payer from risk? What about about all those mortgages that are already on the books? How many of those will soon be upside down?
Y
Yale Holder
9 years ago
Don't kill the smaller guys in an attempt to reign in the market.
C
Charles Foucrault
9 years ago
It hard enough to get a mortgage why make it even harder...
A
Anonymous
9 years ago
How about addressing the out of control, easily obtained credit card and unsecured loc debt instead of eliminating competition in the mortgage industry and further increasing the profits of the big banks?
A
Anonymous
9 years ago
These rules will lessen the choices of Canadians when it comes to their mortgage.
A
Anonymous
9 years ago
I believe Finance Minister should reevaluate all rules and amend it after discussing it with the people who understand the industry. Purpose for tackling foreign investment and giving relief to middle class people has not been resolved. These gives more power and monopoly to big banks only. I believe he did not know what he is doing.
R
Ross Taylor
9 years ago
I respectfully ask that the proposed rules be reviewed in depth with some of the key industry players. In an understandable desire to proactively manage things, it's possible we may have overstepped somewhat here.
Please keep competition in the market. It's unfair to consumers to remove a strong alternative. If you refer to your Bank of Canada study from 2012 - competition in the mortgage market - it has shown that banks always provide consumers with the highest rate they can get away with. The non-bank lenders have offered legitimate, strong competition. This competition has been eliminated in one fell swoop.
I saved 2points in interest thru my broker on my sons (1st time buyer) mortgage......leave brokers alone. I have 3 more kids that have no money and cant afford BANK MORTGAGES
Competition from non-banker lender is the solution, not the problem !
These rules have not been thought out and will certainly hurt first time home buyers trying to get into the market, not to mention anyone that needs to sign on for a new term with their bank, it is going to limit if you can even negotiate a better mortgage rate, with these new rules there is going to be a lot of people stuck.
I fully support this petition
I support this petition. The federal government should re consider their new mortgage rules. We need a healthy and competitive market place.
Ill advised changes that should have targeted the intended markets, not the entire country.
This seems to be madness considering the importance of the real estate market for the economy. The one size fits all approach just doesn't make any sense and the fact that it is happening so fast makes one wonder what the actual motives are and what the consequences for the average canadian will be as their major asset is under attack.
Prime Minister Trudeau. It is difficult enough with middle class Canada trying to make ends meet...month, after month, after month. PLEASE do not make is almost IMPOSSIBLE for us live in our wonderful Country. With our population what it is, supporting the second largest country on the planet...we r at our limit. STOP! No more!!!
How can the whole country be painted with the same brush? The housing economy in Atlantic Canada is not the same as in the GTA region of Ontario. If they want to slow things down in regions such as the GTA, they should impose separate rules there. Imposing these rules in other regions such as Atlantic Canada (which is extremely slow and has been for some time) could put the regions realty market into negative growth!! How can they justify; these changes will protect all regions?? Slower economies in Canada will certainly feel this! Yes, Action had to be taken in these "out of control regions", but not throughout the whole country. Anyway they won't change their minds now, maybe after a painful winter (and lots of gov't handouts) in many parts of Canada, they may reconsider.
Making changes without consultation with the industry suppliers that provide competition in the market place and the brokers that work on the front lines and understand the impact these changes will have on the consumer is dangerous and irresponsible. It's a sad day for Canadians.
The lack of 'lead' time to this has created a situation where Canadians selling their home have done so without knowing the full consequences of NOT requalifying for another mortgage. The lack of information has created scenarios where they have made uninformed decisions as they did not know the impact. Two weeks is by no means a 'proper' notice!
All people have to earn a living. The banks are already making huge profits.
Dropping this bomb on us without sufficient research was not only highly incompetent but verging on madness. How is an enforced crash in real estate prices protecting the tax payer from risk? What about about all those mortgages that are already on the books? How many of those will soon be upside down?
Don't kill the smaller guys in an attempt to reign in the market.
It hard enough to get a mortgage why make it even harder...
How about addressing the out of control, easily obtained credit card and unsecured loc debt instead of eliminating competition in the mortgage industry and further increasing the profits of the big banks?
These rules will lessen the choices of Canadians when it comes to their mortgage.
I believe Finance Minister should reevaluate all rules and amend it after discussing it with the people who understand the industry. Purpose for tackling foreign investment and giving relief to middle class people has not been resolved. These gives more power and monopoly to big banks only. I believe he did not know what he is doing.
I respectfully ask that the proposed rules be reviewed in depth with some of the key industry players. In an understandable desire to proactively manage things, it's possible we may have overstepped somewhat here.