Thanks to our government for taking competition out of the mortgage industry. This will certainty lead to higher costs for consumers.
T
Tim Hill
9 years ago
These new measures will virtually eliminate competition for the chartered banks - a huge loss for consumers!
N
Nicole Allen
9 years ago
|Keep the competitive lending market open
R
Rosa Bovino
9 years ago
After 26 years in the bank and broker industry, this announcement disgusted me the most! Bankers have so many goals to meet. the have to be a jack of all trades and master NONE. As a Mortgage Broker who we truly take the time to listen to clients needs and wants, offer advice and guidance. We are NOT order takers. Clients get way more out of a broker. Yet Gov't didn't see the importance in having discussions with our association MORTGAGE PROFESSIONALS CANADA??? To make this announcement and only give a 2 week window for us to properly get in touch with clients to explain and re qualify them...why did you see the need to be this harsh? This will damage buyers, sellers, values, eliminate jobs of the true professionals... over all bad for the economy! I don't think Gov't should be concerned about the mortgage industry as they should be with all other consumer debts out there. This is also due to BANKS and others companies giving preapproved credit limits to those who really don't qualify for it! Since 2008 we have seen too many changes to mortgages and not enough attention paid to what is actually causing consumers problems. Gov't needs to start paying attention and making changes where they really need...stop ignoring the real problems!
J
Jonah Wright
9 years ago
The "stress test" should only be relevant on mortgages over $500,000 to slow the major markets of concern!
L
Lance Humphries
9 years ago
All the Credit Unions and small independent lenders have to insure their mortgages in order to sell them - get the principal back and lend some more. Without this option, they'll go out of business. But with ALL their mtg's being insured, they'll be forced to stress-test ALL of them, even those the banks don't have to, creating an un-level playing field and putting them out of business.
A
Anonymous
9 years ago
I support this petition.
J
Jennifer Gaudet
9 years ago
Mortgage Brokers provide value to clients in an ever changing and uncertain world and help protect home buyers and give them options. Where are the regulations for high interest loans at 27% and car dealerships who will give loans as all you need is a heartbeat. The government has this all wrong!
T
Trish Pigott
9 years ago
Please carefully review the changes that were made and research the impact these changes will have on the mortgage industry as a whole. These changes can significantly impact many roles in the mortgage industry and negatively affect the consumer overall with less choice, limited options and higher costs of home ownership. The only parties benefiting from this will be the 6 major banks in Canada. Due diligence is absolutely necessary when making such drastic policy changes. I feel that has not been done to this point.
T
Tom Prasol
9 years ago
Couldn't agree more. I support changes to keep our system health but these two points make complete sense.
B
Brad
9 years ago
While I don't support all the statements in this petition, I do support the need for healthy competition in the marketplace. The changes as presented by the finance minister are a disaster for competition and will create turmoil for non-bank mortgage lenders. If not modified to allow non-bank lenders to compete, the unintended consequences will be very costly for the consumer.
R
Raymond Kwok
9 years ago
totally agree and support the petition.
H
Heather Contant
9 years ago
These latest rules are going to have major consequences for not just lenders and brokers but to all homeowners and potential homeowners. The economy relies on the real estate industry and cutting out another 20% or more first time home buyers out of the market will only increase rental rates and further take away a Canadian pride that being home ownership. The lack of competition will also increase benefitting the already rich banks. Please consider another point of view.
A
Anthony Cirelli
9 years ago
The revised criteria puts the monoline lenders and private insurers at a competitive disadvantage, with the fallout leading to less choice for the Canadian consumer, massive layoffs in the monoline and insurer space, and also diminishing the prospect of homeownership for first time buyers who require an insured product. , Although they could meet debt servicing criteria under the old policy, they now cannot enter the home market as the new qualifying criteria based on the 5 year posted rate greatly diminishes their buying power. Based on current real estate market values, a robust family income of even $100K (far surpassing the average family income in Canada) combined with good credit eliminates the possibility of purchasing a home in excess of $600K, with less than 20% down. And the irony is that the average detached home in the GTA is now exceeding $75K0K...
N
Nawar Naji
9 years ago
I would like to add that rental properties provide an income producing asset for Canadians. Since the credit crunch of 2008, many Canadians retirement funds have been wiped out. Investing in real estate is an alternative method and provides rental housing that is in dire needs in the Toronto market.
S
Stewart cameron
9 years ago
Banks are already out of touch with their clients
We are being robbed by fees
Any more control will lead to revolt
A
Anonymous
9 years ago
Level the playing field.
F
Ferdinando Zilli
9 years ago
These changes are far too harsh and really benefit the big 5 banks. Lack of competition in the market will only give the banks more power and hurt the consumer as borrowing costs increase. At least level the playing field and require all lenders to comply to the new qualification parameters.
Keep the mortgage industry competitive
Please change the rules to every one
Thanks to our government for taking competition out of the mortgage industry. This will certainty lead to higher costs for consumers.
These new measures will virtually eliminate competition for the chartered banks - a huge loss for consumers!
|Keep the competitive lending market open
After 26 years in the bank and broker industry, this announcement disgusted me the most! Bankers have so many goals to meet. the have to be a jack of all trades and master NONE. As a Mortgage Broker who we truly take the time to listen to clients needs and wants, offer advice and guidance. We are NOT order takers. Clients get way more out of a broker. Yet Gov't didn't see the importance in having discussions with our association MORTGAGE PROFESSIONALS CANADA??? To make this announcement and only give a 2 week window for us to properly get in touch with clients to explain and re qualify them...why did you see the need to be this harsh? This will damage buyers, sellers, values, eliminate jobs of the true professionals... over all bad for the economy! I don't think Gov't should be concerned about the mortgage industry as they should be with all other consumer debts out there. This is also due to BANKS and others companies giving preapproved credit limits to those who really don't qualify for it! Since 2008 we have seen too many changes to mortgages and not enough attention paid to what is actually causing consumers problems. Gov't needs to start paying attention and making changes where they really need...stop ignoring the real problems!
The "stress test" should only be relevant on mortgages over $500,000 to slow the major markets of concern!
All the Credit Unions and small independent lenders have to insure their mortgages in order to sell them - get the principal back and lend some more. Without this option, they'll go out of business. But with ALL their mtg's being insured, they'll be forced to stress-test ALL of them, even those the banks don't have to, creating an un-level playing field and putting them out of business.
I support this petition.
Mortgage Brokers provide value to clients in an ever changing and uncertain world and help protect home buyers and give them options. Where are the regulations for high interest loans at 27% and car dealerships who will give loans as all you need is a heartbeat. The government has this all wrong!
Please carefully review the changes that were made and research the impact these changes will have on the mortgage industry as a whole. These changes can significantly impact many roles in the mortgage industry and negatively affect the consumer overall with less choice, limited options and higher costs of home ownership. The only parties benefiting from this will be the 6 major banks in Canada. Due diligence is absolutely necessary when making such drastic policy changes. I feel that has not been done to this point.
Couldn't agree more. I support changes to keep our system health but these two points make complete sense.
While I don't support all the statements in this petition, I do support the need for healthy competition in the marketplace. The changes as presented by the finance minister are a disaster for competition and will create turmoil for non-bank mortgage lenders. If not modified to allow non-bank lenders to compete, the unintended consequences will be very costly for the consumer.
totally agree and support the petition.
These latest rules are going to have major consequences for not just lenders and brokers but to all homeowners and potential homeowners. The economy relies on the real estate industry and cutting out another 20% or more first time home buyers out of the market will only increase rental rates and further take away a Canadian pride that being home ownership. The lack of competition will also increase benefitting the already rich banks. Please consider another point of view.
The revised criteria puts the monoline lenders and private insurers at a competitive disadvantage, with the fallout leading to less choice for the Canadian consumer, massive layoffs in the monoline and insurer space, and also diminishing the prospect of homeownership for first time buyers who require an insured product. , Although they could meet debt servicing criteria under the old policy, they now cannot enter the home market as the new qualifying criteria based on the 5 year posted rate greatly diminishes their buying power. Based on current real estate market values, a robust family income of even $100K (far surpassing the average family income in Canada) combined with good credit eliminates the possibility of purchasing a home in excess of $600K, with less than 20% down. And the irony is that the average detached home in the GTA is now exceeding $75K0K...
I would like to add that rental properties provide an income producing asset for Canadians. Since the credit crunch of 2008, many Canadians retirement funds have been wiped out. Investing in real estate is an alternative method and provides rental housing that is in dire needs in the Toronto market.
Banks are already out of touch with their clients We are being robbed by fees Any more control will lead to revolt
Level the playing field.
These changes are far too harsh and really benefit the big 5 banks. Lack of competition in the market will only give the banks more power and hurt the consumer as borrowing costs increase. At least level the playing field and require all lenders to comply to the new qualification parameters.