Gary Mauris, President of DLC is seeking advice from everyone involved in the mortgage industry as he prepares to attend a pre-budget consultation roundtable with Canadian Finance Minister Jim Flaherty Jan. 19 in Regina, Sask.
The session is one of four events Flaherty is holding across the country where people from the areas of business, academia and key stakeholder organizations will gather to discuss issues and challenges as Flaherty prepares the 2011 federal budget.
“It’s an honor to be asked to participate and extremely important for me to understand the concerns of our industry,” says Mauris, who will be one of 17 hand- picked individuals attending the event.
Says Mauris: “Our Industry is under the microscope right now, and making sure we have a strong voice in articulating our concerns is more important than ever. At the centre of our concerns is changing mortgage rules, amortization terms, qualifying minimums and unsecured consumer debt. Ottawa seems to be looking towards mortgage debt as a key driver of the highest Canadian debt load in history, when in fact it's credit card and unsecured debt that is creating many of the financial problems that Canadians are experiencing.
“[At DLC] we look at 10’s of thousands of deals every single year and anytime we can’t qualify someone it’s typically for due to unsecured and credit card debt.”
In preparation for the roundtable, participants like Mauris were asked to consider the following questions:
· The Canadian economy is on the right track – we are on the road for both economic recovery and balanced budgets. But the global economy is fragile and too many Canadians are still looking for work. Without throwing Canada off track for balanced budgets, what cost-neutral or non-spending steps can the federal government take in the next budget to help create jobs and promote economic growth?
· Canada’s on track for balanced budgets in 2015-16. Is this timeframe appropriate? Should the federal government try to get back to balance sooner? Or should the timeline be delayed until later on?
· Government should always carefully mange taxpayers’ money to ensure the best value for money. The federal government is always focused on keeping spending in check and ensuring spending is as efficient and effective as possible. In what areas do you think the federal government can be more efficient and effective?
· What should Canada’s priorities be for the short and long term to encourage private sector growth and leadership in the economy?
Mauris is seeking industry feedback so that he can convey those concerns and suggestions to Ottawa.
“There is so much experience, so much intellectual firepower within our industry and together we can begin being proactive rather than reactive in advance of policy change. I am asking our insurers, our lenders, all agents and owners to send in your feedback so that we can work together on influencing and advancing this wonderful industry.”