There are so many repercussions of this that the DOF clearly do not understand. That is because there simply was zero input requested by key stakeholders. Clearly the Big 6 banks had some input as there are many ways they can benefit from these changes. I implore the government to speak to the national and provincial mortgage associations for some input on this matter before hopefully everything is finalized.
S
Susie Inglis
9 years ago
This is unfair to the average Canadian. This gives unfair advantage to Big 6 banks and only lines their pockets by taking out competition. As well reducing the ability to refinance will not allow the average Canadian access to their equity in order to keep their house maintained and their lives without paying a premium. Again the only one who suffers is the average Canadian. The rich get the richer, the poor become the common Canadian.
M
Marco Bao
9 years ago
Requirements will definitely stiffle the economy.
S
Sean Siman
9 years ago
This Will Be Extremely Painful! Then Hydo Rates Go Up? I may not be able to keep this house
B
Brian Gordon
9 years ago
The rules need to be consistent with both monoline lenders and chartered banks.
A
Adrian McInerney
9 years ago
This has to be repealed. It will devastate our industry, drive competition out of the marketplace and could lead to a housing crash.
A
Amber Moser
9 years ago
These changes segregate the markets. They exclude many millennials, as well as new comers. Consumer debt isn't just housing. It is credit cards & new cars too. I think the government needs too look at the whole issue!
M
Michal Zagol
9 years ago
In the interests of the population this needs to be signed. Let's keep the competition in the market.
K
Kristen Keller
9 years ago
I have owned a rental house for 10yrs, and my bank is forcing me to switch lenders, as they are moving away from mortgages. it took me 3yrs and I just finally found a broker how could help me. If I didn't have a mortgage broker with external Ressources I would have lost my house, and my revenue.
T
Taya
9 years ago
Healthy competition is very important. Some of these changes are just baffling, but a very nice gift for the banks. Make those changes apply to all financial institutions or none.
J
Joe Bladek
9 years ago
I do not support the mortgage rule changes announced this week as it puts young families in a position where they will not be able to afford a home as well it puts those in new construction contracts at risk of loosing their deposit. I ask that the government reconsider their position and implement a softer solution or ease the current legislation into effect over a period of time which allows buyers to adapt to the changes. Joe Bladek, Mortgage Broker
A
Anna
9 years ago
I absolutely agree. Lets void those new regulations
D
Darwyn Sloat
9 years ago
Our country needs more lenders than big banks. Competition is the best for the mortgage industry, just as it is with big auto sales retail outlets, etc. I have a concern the new rules will put a very negative affect on the housing market and, it is my opinion, home sales will decline dramatically and force the prices of homes to deteriorate.
R
Rob Evaans
9 years ago
For the past few days, I went to hell and is still in hell.
I already made a downpayment on my preconstruction condo unit. Now, with the new law and so-called stress test, everything has gone upside down.
I have worked very hard for the last 15 years to save money. I have been renting for all my life and when finally, I had the chance to have a roof on my head, government changed the law.
IS THIS HOW YOU REWARD HARD WORKING PEOPLE ?
I understand you need to slow down the supposedly overheated housing market, BUT FOR F*** SAKE, WHY GIVE US SO LITTLE OR NO TIME AT ALL. Why not inform us and say you will make the decision 6 months down the line so that we are aware of the law.
Government didn’t even consult the public, nothing, is this democracy ???
J
Jennifer Rossides
9 years ago
The residual effects of these changes will put further strain on our struggling economy.
K
Karen Le Blanc
9 years ago
Just keeping the concentration of wealth in the hands of a few! Unacceptable.
A
Anonymous
9 years ago
These changes are a self imposed recession for Canada. This is a very bad decision. Also, by not allowing non bank lenders to compete the Banks are the consumers only choice thus potentially costing Canadian's thousands
M
Mary Olson
9 years ago
Protect Canadians
M
Max Stencer
9 years ago
The Canadian government should look to curtail increasing household debt by turning their attention to the financing of depreciating assets, such as vehicles and RVs, as well as unsecured consumer debt (cards and lines of credit).
M
Marissa Stolson
9 years ago
Why is the automobile industry and RV industry not being punished like the Mortgage Industry and the Real Estate industry is? I feel it is the High Vehicle payments and the RV loans and other toy type loans that are causing the Canadian Debt Load to be high not our Mortgage Payments.
There are so many repercussions of this that the DOF clearly do not understand. That is because there simply was zero input requested by key stakeholders. Clearly the Big 6 banks had some input as there are many ways they can benefit from these changes. I implore the government to speak to the national and provincial mortgage associations for some input on this matter before hopefully everything is finalized.
This is unfair to the average Canadian. This gives unfair advantage to Big 6 banks and only lines their pockets by taking out competition. As well reducing the ability to refinance will not allow the average Canadian access to their equity in order to keep their house maintained and their lives without paying a premium. Again the only one who suffers is the average Canadian. The rich get the richer, the poor become the common Canadian.
Requirements will definitely stiffle the economy.
This Will Be Extremely Painful! Then Hydo Rates Go Up? I may not be able to keep this house
The rules need to be consistent with both monoline lenders and chartered banks.
This has to be repealed. It will devastate our industry, drive competition out of the marketplace and could lead to a housing crash.
These changes segregate the markets. They exclude many millennials, as well as new comers. Consumer debt isn't just housing. It is credit cards & new cars too. I think the government needs too look at the whole issue!
In the interests of the population this needs to be signed. Let's keep the competition in the market.
I have owned a rental house for 10yrs, and my bank is forcing me to switch lenders, as they are moving away from mortgages. it took me 3yrs and I just finally found a broker how could help me. If I didn't have a mortgage broker with external Ressources I would have lost my house, and my revenue.
Healthy competition is very important. Some of these changes are just baffling, but a very nice gift for the banks. Make those changes apply to all financial institutions or none.
I do not support the mortgage rule changes announced this week as it puts young families in a position where they will not be able to afford a home as well it puts those in new construction contracts at risk of loosing their deposit. I ask that the government reconsider their position and implement a softer solution or ease the current legislation into effect over a period of time which allows buyers to adapt to the changes. Joe Bladek, Mortgage Broker
I absolutely agree. Lets void those new regulations
Our country needs more lenders than big banks. Competition is the best for the mortgage industry, just as it is with big auto sales retail outlets, etc. I have a concern the new rules will put a very negative affect on the housing market and, it is my opinion, home sales will decline dramatically and force the prices of homes to deteriorate.
For the past few days, I went to hell and is still in hell. I already made a downpayment on my preconstruction condo unit. Now, with the new law and so-called stress test, everything has gone upside down. I have worked very hard for the last 15 years to save money. I have been renting for all my life and when finally, I had the chance to have a roof on my head, government changed the law. IS THIS HOW YOU REWARD HARD WORKING PEOPLE ? I understand you need to slow down the supposedly overheated housing market, BUT FOR F*** SAKE, WHY GIVE US SO LITTLE OR NO TIME AT ALL. Why not inform us and say you will make the decision 6 months down the line so that we are aware of the law. Government didn’t even consult the public, nothing, is this democracy ???
The residual effects of these changes will put further strain on our struggling economy.
Just keeping the concentration of wealth in the hands of a few! Unacceptable.
These changes are a self imposed recession for Canada. This is a very bad decision. Also, by not allowing non bank lenders to compete the Banks are the consumers only choice thus potentially costing Canadian's thousands
Protect Canadians
The Canadian government should look to curtail increasing household debt by turning their attention to the financing of depreciating assets, such as vehicles and RVs, as well as unsecured consumer debt (cards and lines of credit).
Why is the automobile industry and RV industry not being punished like the Mortgage Industry and the Real Estate industry is? I feel it is the High Vehicle payments and the RV loans and other toy type loans that are causing the Canadian Debt Load to be high not our Mortgage Payments.