I am worried about the long term effects of these rule changes. I support tighter lending guidelines but they should be implemented in ways that protect access to various lenders and products in Canada. These rules as presented seem like they were written by/for the banks to remove competition and allow a monopoly.
J
Jean-Pierre Bertaux
9 years ago
The goverment is suppose to encourage first time home owner. The ones that will be most impacted by this are the first time home buyer that will be unable to qualify because of the qualification rate.
I dissagree with the simulation of 4.64% on a fix rate of 5 years and also on simulation on 25 years as oppose to 30 or 35 years if client is purchasing.
I am ok with charging capital gain to non residents.
Thanks !
A
Alan Chizmazia
9 years ago
I thought our new government was supposed to help people, it's not bad enough that they are spending us into oblivion, now, the hard working Canadian will be at the mercy of our banks, instead of being able to find a mortgage without restrictions, It's not like we all have a new credit card from the government without any spending restrictions! Seems Harper wasn't so bad after all, at least he CARED about the Canadian people, all the Canadian people!
D
Diane Garneau
9 years ago
Hello i am a mortgage broker for 12 years so i have seen all the changes that governement have done in the mortgage industry but i have not seen any changes in other credit industries. Can you explain how client can financy car purchase at 125 % without restriction ? I see often client purchasing car with balance on previous loan that dealer simply consolidate with new car purchase, result client has car payment 500, 600 or even 650 per month Is this protecting client from debt ??? And than the governement keep saying the consumer have to mich debt but do not any ather correction than revise mortgage rules. Do you really want to help the consumers ? Teach them how to manages the credit but only the mortgage thank you
A
Anonymous
9 years ago
The long term impact to first time homebuyers may need them to pay higher rent because they have to continue saving up more downpayment.
H
HL
9 years ago
At the end of the day its not mortgage brokers that have gotten sellers 40k,50k. 60k over asking price. It's the realtors that need to be looked at more closely. Ive heard of scenarios where agents are talking to each other on the phone to get the offer to where the seller will be happy with.
Realtors need to be regulated ALOT more. Just like we abide by our Code of Conduct/ Ethics.
M
Mick Gill
9 years ago
I believe this creates an unfair playing field for mortgage lenders vs. banks.
J
John Lutz
9 years ago
This move suggests the big banks are in bed with the government making it one of the most unethical business practices in Canadian history. Hard to believe this would happen in Canada. Fix it!!!
A
Anonymous
9 years ago
We're giving the big 6 an oligopoly which is unfortunate as this new power will simply mean higher margins for the banks and less choices for the clients. I just received ANOTHER letter from CIBC saying that they want to increase my VISA limit another 4K and to accept I just need to call a 1800#. If the BOC is really concerned about household debt to income ratios, let's start with loose qualification standards on Credit cards and car loans. I do understand that Vancouver and Toronto's markets are unreasonably expensive but they should put tighter rules on those areas alone rather than just blanket the country.
E
Elizabeth Young
9 years ago
Investors have the money to put more than 20% down typically. The new rules hurt those it claims to be trying to protect from over-inflated housing prices. First time home buyers, and the average middle class. This rule should have had proper consultation before ever being put out.
C
Chris Richards
9 years ago
No better example to lack of competition is exorbitant Mobile Phone charges Canadians pay. Reducing competition is not in best interests of Canada.
C
Cassandra
9 years ago
I support this petition!
R
Ryan Dennahower
9 years ago
The importance of monoline lenders is detrimental to the mortgage industry in Canada.
A
Anonymous
9 years ago
Right to have affordable housing.
P
Paul Fenney
9 years ago
The rules imposed by the Department of Finance this week are much farther reaching than most industry professionals (let alone the general public) acknowledge. The Big 6 banks are too deeply entrenched with the DoF. These new rules are going to cost Canadians millions and transfer that wealth to their bottom line. The world is moving towards more transparency and less government...the Canadian mortgage industry just moved significantly in the opposite direction. The villagers should be at the Big 6s doors with pitchforks. More peacefully, please sign this petition.
B
Bryan Duncan
9 years ago
these changes will end competition and give the big 5 banks total control of the mortgage industry
A
Anonymous
9 years ago
This affects the working middle class and new first time buyers who will now have to take a step back before home ownership.
D
Dawnell Werner
9 years ago
There are many deserving families who have had their hopes shattered by this extreme change to mortgage rules. It is very difficult for people who have been saving up for a house to now find out they can only afford a town house or apartment. I could understand if we had a huge percentage of foreclosures, or insurers were not making so much profit! If you want to regulate something, why not focus on the real issues of high credit card interest rates and hidden taxes. Why target a necessity and responsible choice like purchasing housing? Makes no sense.
S
Steve Zullo
9 years ago
As a Liberal and a mortgage broker, I am stunned that Trudeau is responsible for crushing the Big 6 Banks' only competition. He is eliminating choice for Canadian homeowners and forcing them to pay higher rates and penalties at the Big Banks. RBC and the others must be loving this!!
C
Collin Slack
9 years ago
Is there anything this government of ours will do to help the working class actually afford to buy a home ? It was in my lifetime a family of 4 only needed one parent working to make this happen. Children were raised by a parent (best possible scenario) . As a result, we grew up more responsible. It seems now that all we are responsible for is to make the rich, RICHER !
I am worried about the long term effects of these rule changes. I support tighter lending guidelines but they should be implemented in ways that protect access to various lenders and products in Canada. These rules as presented seem like they were written by/for the banks to remove competition and allow a monopoly.
The goverment is suppose to encourage first time home owner. The ones that will be most impacted by this are the first time home buyer that will be unable to qualify because of the qualification rate. I dissagree with the simulation of 4.64% on a fix rate of 5 years and also on simulation on 25 years as oppose to 30 or 35 years if client is purchasing. I am ok with charging capital gain to non residents. Thanks !
I thought our new government was supposed to help people, it's not bad enough that they are spending us into oblivion, now, the hard working Canadian will be at the mercy of our banks, instead of being able to find a mortgage without restrictions, It's not like we all have a new credit card from the government without any spending restrictions! Seems Harper wasn't so bad after all, at least he CARED about the Canadian people, all the Canadian people!
Hello i am a mortgage broker for 12 years so i have seen all the changes that governement have done in the mortgage industry but i have not seen any changes in other credit industries. Can you explain how client can financy car purchase at 125 % without restriction ? I see often client purchasing car with balance on previous loan that dealer simply consolidate with new car purchase, result client has car payment 500, 600 or even 650 per month Is this protecting client from debt ??? And than the governement keep saying the consumer have to mich debt but do not any ather correction than revise mortgage rules. Do you really want to help the consumers ? Teach them how to manages the credit but only the mortgage thank you
The long term impact to first time homebuyers may need them to pay higher rent because they have to continue saving up more downpayment.
At the end of the day its not mortgage brokers that have gotten sellers 40k,50k. 60k over asking price. It's the realtors that need to be looked at more closely. Ive heard of scenarios where agents are talking to each other on the phone to get the offer to where the seller will be happy with. Realtors need to be regulated ALOT more. Just like we abide by our Code of Conduct/ Ethics.
I believe this creates an unfair playing field for mortgage lenders vs. banks.
This move suggests the big banks are in bed with the government making it one of the most unethical business practices in Canadian history. Hard to believe this would happen in Canada. Fix it!!!
We're giving the big 6 an oligopoly which is unfortunate as this new power will simply mean higher margins for the banks and less choices for the clients. I just received ANOTHER letter from CIBC saying that they want to increase my VISA limit another 4K and to accept I just need to call a 1800#. If the BOC is really concerned about household debt to income ratios, let's start with loose qualification standards on Credit cards and car loans. I do understand that Vancouver and Toronto's markets are unreasonably expensive but they should put tighter rules on those areas alone rather than just blanket the country.
Investors have the money to put more than 20% down typically. The new rules hurt those it claims to be trying to protect from over-inflated housing prices. First time home buyers, and the average middle class. This rule should have had proper consultation before ever being put out.
No better example to lack of competition is exorbitant Mobile Phone charges Canadians pay. Reducing competition is not in best interests of Canada.
I support this petition!
The importance of monoline lenders is detrimental to the mortgage industry in Canada.
Right to have affordable housing.
The rules imposed by the Department of Finance this week are much farther reaching than most industry professionals (let alone the general public) acknowledge. The Big 6 banks are too deeply entrenched with the DoF. These new rules are going to cost Canadians millions and transfer that wealth to their bottom line. The world is moving towards more transparency and less government...the Canadian mortgage industry just moved significantly in the opposite direction. The villagers should be at the Big 6s doors with pitchforks. More peacefully, please sign this petition.
these changes will end competition and give the big 5 banks total control of the mortgage industry
This affects the working middle class and new first time buyers who will now have to take a step back before home ownership.
There are many deserving families who have had their hopes shattered by this extreme change to mortgage rules. It is very difficult for people who have been saving up for a house to now find out they can only afford a town house or apartment. I could understand if we had a huge percentage of foreclosures, or insurers were not making so much profit! If you want to regulate something, why not focus on the real issues of high credit card interest rates and hidden taxes. Why target a necessity and responsible choice like purchasing housing? Makes no sense.
As a Liberal and a mortgage broker, I am stunned that Trudeau is responsible for crushing the Big 6 Banks' only competition. He is eliminating choice for Canadian homeowners and forcing them to pay higher rates and penalties at the Big Banks. RBC and the others must be loving this!!
Is there anything this government of ours will do to help the working class actually afford to buy a home ? It was in my lifetime a family of 4 only needed one parent working to make this happen. Children were raised by a parent (best possible scenario) . As a result, we grew up more responsible. It seems now that all we are responsible for is to make the rich, RICHER !