MORTGAGE CHANGES - Make Your Voice Heard!

May 9, 2017 | Posted by: Kim Lindsay

LET THE FACTS DO THE TALKING

We Need Your Help!  

Make Your Voice Heard

 

Everyone has heard about the 'new mortgage rules' but might not be clear of the details or if they are impacted.   

If you are a Canadian homeowner (with or without a mortgage), these changes impact you.  

If you are thinking about purchasing your first home, these changes impact you.

This federal government was elected on a platform to support middle class economic growth and it specifically committed to 'considering all policy tools that could keep homeownership within reach for more Canadians' (Liberal Party of Canada’s 2015 Platform, page 7, 8). 

We understand that the government is concerned about the housing market and Canadian debt levels; however, inhibiting consumers from refinancing their mortgages, inhibiting young people from buying, and reducing housing accessibility does not help anyone's long-term financial security.  

These changes are increasing costs and decreasing competition in the mortgage market.

Mortgage Professionals Canada, Canada’s national mortgage broker industry association, is lobbying for change, and I’d like to share a new consumer driven advocacy campaign to help in their efforts!

This simple web-based tool is designed to help you reach your Member of Parliament to explain how the federal government's recent changes to the mortgage insurance and eligibility have affected you personally.

TellYourMP.ca

There are three template letters based on your unique situation:

  1. First Time Homebuyers: I am a first-time homebuyer who is struggling to enter the housing market, or I now qualify for a lot less than I used to.
  2. Homeowners / Refinancing: I am a responsible homeowner who can no longer refinance my home at a reasonable cost because of the changes.
  3. Regional Impacts:  I live outside of the hot Toronto and Vancouver markets, and my local economy is being hampered by these new rules.

TELL YOUR MP; we need YOU to help us tell Ottawa that the effects of these changes are hurting middle-class Canadians.

This consumer outreach initiative builds on the success of our member-based letter writing campaign last fall which helped initiate hundreds of meetings with MPs and generated significant awareness of the issues, resulting in a Parliamentary Committee study, and highly successful Advocacy Days in Ottawa.

We need you to help spread the word -- together we can make a difference!

Mortgage Professionals Canada is Canada’s national mortgage broker industry association.  Canadians need and deserve more. We believe in competition as it produces better options and demands ever-improving service and products. We believe in choice as it benefits Canadians and delivers an environment of opportunity. We believe in professionalism as it demonstrates commitment, trust and excellence. The mortgage broker channel is a critical and valuable profession. It creates possibility, fuels the economy and provides Canadians with choice when making the most important financial decisions of their lives.

 

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