Residential Market Commentary - week of October 17, 2016
Oct 17, 2016, 14:19 PM
The federal government’s latest changes to mortgage rules sent another wave of shivers through the industry and triggered another round of grumbling in the broker channel. Popular commentators used words like “madness” and “travesty” to describe to the changes to mortgage qualification and insurance.
Mortgage Professionals Canada was more measured in its statement released following Ottawa’s announcement. While complaining about a lack of consultation and notice, MPC has laid out specific concerns and is in communication with the government to get them addressed.
With every challenge comes opportunity. And brokers do have an opportunity to demonstrate value for their clients by using their access to a wide range of products and lenders to find mortgage solutions.
In a release last week, First National LLP Chairman and CEO Stephen Smith moved to calm fears about the federal changes. “Our very clear message to our partners in the mortgage broker channel is that we are open for business and are looking forward to another year of good performance”, Smith said.