Keep Competition in the Canadian Mortgage Market

I totally agree that clients should have a choice for their mortgage and not have to deal with only the big banks.

This is CRAP!

This is totally uncalled for and will put so many hard-working Canadians out of business. Shame on the government for this decision without consultation, but mostly for NOT phasing this in!

I dissagree with qualifying clients at 4.64% for 5 years fix.

As a mortgage broker, I recognize that these decisions and proposed rules will harm the financial stability of consumers. Not only will they have less choice due to many lenders being forced to close their doors without insurance and securitization, but a monopoly situation with the big banks will result in increased rates and reduced flexibility for clients. This decision needs to be highly scrutinized with key industry players having a part of the conversation. There is more to consider that will have a huge impact on the Canadian Economy.

competition it a good thing

These restrictions are too much. We need to make sure there is affordable homes without hamstringing the buyers. Please reconsider these changes.

While I agree with some aspects, other are not well conceived. Additionally, the implementation could have been better thought-out. Lastly, what happened to any sort of consultation.

signed.

I feel a compromise could be made on this decision . Conventional financing should not be a part of this . There should be changes made to insured high ratio product. ..however insured conventional mortgages and 35 year amortizations should not be removed. I don't think the risk of CMHC insuring a conventional mortgage is big This will put all mortgage lenders in a competitive situation . The way it looks monolive lenders will be fade away. Young couples , first time buyers will not be able to afford housing in ontario...the rich will continue to buy and the poor will not. This devices the rich from the poor . Is this what our politicians want?

This is the most ridiculous thing I've ever see a Finance Minster do in my life. You are punishing the entire country for two cities out of control!

The economy isn't strong enough to handle this sort of change. In the long run I appreciate how this can help the housing market but not at this moment. In a year or 2 sure. Not now. Not this.

i agree!

Mortgage rule changes in the past have made sense to a point, but this latest move is so blatantly biased in favour of the big banks it is ridiculous. The unintended fallout is far greater than any of these bureaucrats realize. Can you say MONOPOLY?

The competition brought by alternate lenders and the brokers who represent them has finally forced the Big Banks to be competitive.

Keep mortgages competitive, the banks have enough power as it is.

This is a terrible quick knee jerk reaction that should have been thought about for a year or so not over night and implemented even quicker! Your first year in government and you are destroying thousands of jobs in the stroke! ! Smarten up you guys! This is by the right move and will not fix the real problem...

First Home Buyers & the average Canadian Home Owner will be affected by the new rules. The Banks & Monoline Lenders should have consistent rules to follow. Competition is necessary for the economy!

The First Home Buyers & the average Canadian Homeowner will be affected by the new rules. Also, it should be consistent rules for the Banks & Monoline Lenders. Competition is necessary.

Please revise the recent mortgage regulations announced by the Finance Minister and help the middle class make purchasing a first home easier!