Our unemployment is high enough, and we have a struggling economy. we do not need more restrictions..
R
Roberto Vita
9 years ago
This is not the change that will fix the Canadian housing market. It will just compound the problem we have. It will make it even harder for first time buyers to enter the market.
T
Toni Lowe
9 years ago
Shame on you for taking the right to being a homeowner from even more Canadians. I have been in the mortgage business for 29 years and this is by far the change with the greatest impact for consumers.
H
Henri J Simoneau
9 years ago
The Federal Government should ensure a level playing field when making changes to the regulatory process so that the competition is fair to in this case lenders and borrowers.
R
Ragavan Ramanathan
9 years ago
How come Government didn't get any input from Mortgage Broker Industry? Shame... such a bad move
A
Ashley Maiorino
9 years ago
Concerned about the impact this will have on clients, the mortgage industry as well as the economy as a whole.
R
Rizvan Jamal
9 years ago
i think this is the most moronic idea, i question the knowledge of the person who made the decision to destroy the mortgage industry
J
Jennine
9 years ago
Extremely concerned about the outcome to our economy with this harsh rule. Please reconsider.
M
Marguerite Poulin
9 years ago
I support this petition, as I think it's important for consumers to have choices.
S
Steve Klassen
9 years ago
Assuming every market in Canada is experiencing the same issues that Toronto and Vancouver are is very dangerous. You cannot paint all markets with the same brush. IF there is a problem in a certain market, target it, but by making wholesale changes that effect every market will no doubt stifle if not kill some markets. This was not well thought out.
R
Rachelle Czartorynskyj
9 years ago
Such extreme measures will negatively affect not only consumers, but lenders, underwriters, originators, Mortgage Brokers and Agents. This legislation is quite unfair on all levels. It will have a huge impact on the market, small businesses like mine, there will be job losses, endless repercussions.
T
Tracey
9 years ago
How are these tight rules going to help the average family become homeowners?!?
D
Daniel Anderson
9 years ago
It will be the killer of a tremendous amount of jobs.
T
Trevor Leys Schirok
9 years ago
This creates a lack of options for the Canadian consumer and puts them at a disadvantage.
L
Lisa Gryba
9 years ago
Consider reviewing and controlling clients unsecured debt. (credit cards/line of credits)
There are enough rules and regulations in place to ensure that clients are not qualifying for mortgages that are too high.
E
Eddie Ghadie
9 years ago
Are we becoming a Nanny State? People should have the Freedom of choice. They complain personal debt is too high, but don't realize the government is contributing. Trying to save a down payment only to have Insurance added to the principal balance to pay interest on ( I know you can pay it but most have enough for the down payment only ). Maybe the DOF should put STRICT REGULATIONS on Banks and not allow them to increase or solicit in Credit Card Limits.
A
Andrew Walters
9 years ago
I agree with the stress testing of high ratio files. I believe eliminating the 30 year amortization on conventional mortgages that are bulk insured will be detrimental to fair and open competition in the marketplace.
A
Anand Murthy
9 years ago
Keep competition alive!
S
Sangeeta
9 years ago
We need healthy competition. Please remove the need to qualify at BoC posted rate and make it easy for 1st time home buyers. Give them a break! Canada is an Immigrant country and we depend heavily on immigration. Please reconsider the new rules.
B
Barbara Buote
9 years ago
This all flies in the face of the supposed edicts of the liberal government to help the middle class. These ill thought out changes have absolutely put the banks back into their former monopoly status and take away the safeguards monolines provided consumers in regards to how penalties are calculated (they have a fair system) and the regular mtg. product rather than the collateral mtg. system that can have major ramifications for the consumer.
Prepare parents - your children will living at home for a very long time.
For those that can rent...be prepared to pay in many cases way more than buying starter home would cost and at the end of the day you will have NOTHING in your financial world to count on.
After 35 years of being a banker and broker I am disgusted with the lack of consultation between the government and the brokering community. I have absolute pride it the role I have filled in educating consumers and now feel that the wonderful choices we have had...they are now gone and I have to ask myself..do I want to give business to consumer negative choices?
Our unemployment is high enough, and we have a struggling economy. we do not need more restrictions..
This is not the change that will fix the Canadian housing market. It will just compound the problem we have. It will make it even harder for first time buyers to enter the market.
Shame on you for taking the right to being a homeowner from even more Canadians. I have been in the mortgage business for 29 years and this is by far the change with the greatest impact for consumers.
The Federal Government should ensure a level playing field when making changes to the regulatory process so that the competition is fair to in this case lenders and borrowers.
How come Government didn't get any input from Mortgage Broker Industry? Shame... such a bad move
Concerned about the impact this will have on clients, the mortgage industry as well as the economy as a whole.
i think this is the most moronic idea, i question the knowledge of the person who made the decision to destroy the mortgage industry
Extremely concerned about the outcome to our economy with this harsh rule. Please reconsider.
I support this petition, as I think it's important for consumers to have choices.
Assuming every market in Canada is experiencing the same issues that Toronto and Vancouver are is very dangerous. You cannot paint all markets with the same brush. IF there is a problem in a certain market, target it, but by making wholesale changes that effect every market will no doubt stifle if not kill some markets. This was not well thought out.
Such extreme measures will negatively affect not only consumers, but lenders, underwriters, originators, Mortgage Brokers and Agents. This legislation is quite unfair on all levels. It will have a huge impact on the market, small businesses like mine, there will be job losses, endless repercussions.
How are these tight rules going to help the average family become homeowners?!?
It will be the killer of a tremendous amount of jobs.
This creates a lack of options for the Canadian consumer and puts them at a disadvantage.
Consider reviewing and controlling clients unsecured debt. (credit cards/line of credits) There are enough rules and regulations in place to ensure that clients are not qualifying for mortgages that are too high.
Are we becoming a Nanny State? People should have the Freedom of choice. They complain personal debt is too high, but don't realize the government is contributing. Trying to save a down payment only to have Insurance added to the principal balance to pay interest on ( I know you can pay it but most have enough for the down payment only ). Maybe the DOF should put STRICT REGULATIONS on Banks and not allow them to increase or solicit in Credit Card Limits.
I agree with the stress testing of high ratio files. I believe eliminating the 30 year amortization on conventional mortgages that are bulk insured will be detrimental to fair and open competition in the marketplace.
Keep competition alive!
We need healthy competition. Please remove the need to qualify at BoC posted rate and make it easy for 1st time home buyers. Give them a break! Canada is an Immigrant country and we depend heavily on immigration. Please reconsider the new rules.
This all flies in the face of the supposed edicts of the liberal government to help the middle class. These ill thought out changes have absolutely put the banks back into their former monopoly status and take away the safeguards monolines provided consumers in regards to how penalties are calculated (they have a fair system) and the regular mtg. product rather than the collateral mtg. system that can have major ramifications for the consumer. Prepare parents - your children will living at home for a very long time. For those that can rent...be prepared to pay in many cases way more than buying starter home would cost and at the end of the day you will have NOTHING in your financial world to count on. After 35 years of being a banker and broker I am disgusted with the lack of consultation between the government and the brokering community. I have absolute pride it the role I have filled in educating consumers and now feel that the wonderful choices we have had...they are now gone and I have to ask myself..do I want to give business to consumer negative choices?