Brokers split on whether they hope Flaherty runs again

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Brokers are divided on whether they feel Finance Minister Jim Flaherty stepping down would benefit the mortgage industry, despite the finance minister’s history of instituting unpopular mortgage measures meant to cool the market.

“There aren’t too many changes they can make anyway; we’re pretty much at the point where they have stripped it down to where it was a decade ago or even farther back,” Len Lane of Verico Brokers for Life told MortgageBrokerNews.ca. “I guess it’s better to keep somebody we know than to have someone else.”

MortgageBrokerNews.ca ran a poll asking its readers whether Jim Flaherty stepping down from his post as Finance Minister would be preferable. And opinions were almost completely divided, with 46 per cent preferring the incumbent to run again.

For his part, Flaherty has hemmed and hawed when asked about his political future; expressing both a desire to run again and then, most recently, that he is unsure whether or not he would run in 2015.

“We’ll see,” Flaherty said at a meeting of G20 finance ministers, according to Reuters. “I haven’t decided.”

Flaherty, of course, has made a number of mortgage rule changes; the most recent of which occurring in the summer of 2012.

And although the changes have been unpopular, brokers may feel more comfortable with the incumbent minister than an alternative.

“In my own opinion, I believe that Jim Flaherty does a relatively decent job as Finance Minister, he tightens the mortgage rules because he does not want to see a financial crisis similar to the Americans in 2008,” Angela Wong-Liao of Invis The Money Lady said in the comments section of MortgageBrokerNews.ca. “Frankly, PC or Liberal win does not make a big difference but I favor PC because I believe they have more qualified candidates for their cabinet.”

Still, some may wonder what stance a Liberal or NDP candidate may take regarding the housing market.

“I think they have a little more socialist agenda so I think they’d probably be more interested in helping the first-time buyer,” Lane mused.
 
  • Nick Hamblin on 2014-03-04 1:35:41 PM

    I hope the knee jerk reactionary heads for the hills with his crony Rob Ford both should retire to the dust Bin of life unfortunately I am sure there are several plum appointments waiting for Mr. Flaherty on boards of the Big 5 for whom he as performed as an admirable marionette!

  • Gaylene on 2014-03-04 2:27:06 PM

    I agree with Nick. and also I do not believe that Flaherty is elected. I believe he is appointed.

  • Tom on 2014-03-04 2:59:18 PM

    @ Gaylene: Flaherty is elected to sit in Parliament by the voters of the Whitby-Oshawa riding (well, 58% of them anyway); he is appointed to Cabinet by the PM.

  • Tom on 2014-03-04 2:59:18 PM

    @ Gaylene: Flaherty is elected to sit in Parliament by the voters of the Whitby-Oshawa riding (well, 58% of them anyway); he is appointed to Cabinet by the PM.

  • Arlene on 2014-03-04 5:31:31 PM

    I think he's done enough damage, why reward idiocy. Oh wait, I forgot, I live in Canada. We like rewarding idiocy here. Conservative, liberal blah blah rhetoric, dogma and smoke screen. Anyone who thinks he saved us from a US style disaster is smoking the same crack as Rob Ford. He's just like Diefenbaker whose inferiority complex to our neighbors to the south left us with the Avro Arrow legacy....I heard him say that buyers show up in a new Audi, to buy a $750K Toronto condo with 5% down (after all he heard this from a Toronto realtor) and that his generation "waited". His generation also probably only paid $70,000 for their first home on a salary that had significantly higher purchasing power than today. He makes me want to hurl.

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