Study flabbergasts broker

Study flabbergasts broker

Study flabbergasts broker A study conducted by the Angus Reid Institute found the majority of Canadians believe the government should become more involved with regulating the housing market.

“Data from a series of two new public opinion polls from the Angus Reid Institute also suggest most Canadians see a greater role for government to play in the real estate sector,” Angus Ried said in its recently released study, Beyond Vancouver & Toronto, most Canadian city dwellers say home prices either high or unreasonable.

According to the study, 66% of Canadians said “government should get more involved” in the real estate sector; the remaining third of those polled said the “government should stay out and leave it to the industry to manage.”

The results surprised long-time mortgage broker Joe Sammut.

“That’s the complete opposite of what I believe; I believe the government is not doing enough to regulate consumer credit cards,” Sammut, a broker with Mortgage Architects Mortgage Gate Group, told MortgageBrokerNews.ca. “They have already implemented a number of regulations and (although) we haven’t been crippled by it, it’s certainly hurt us.”

Many brokers have made the same argument before. And while some have countered, arguing the government has very little power when it comes to regulating consumer credit, Sammut says it’s a matter of “won’t” and not “can’t.”

“The problem is these companies are so powerful, the government would have a fight on its hands,” Sammut said. “They need to become more selective with how much credit they give out (to Canadians).”

The public interest research firm conducted a random online survey across Canada from February 2-10, which included 5,867 Canadians. The survey data contains a margin of error of +/- 1.3%. A separate survey included 1,513 participants and had a margin of error of +/- 2.5%.
11 Comments
  • Brad Knight 2016-03-02 8:39:58 AM
    I wonder if the 66% are the same people that wonder why we need a work letter,pay stub,2 years Noas,proof that no taxes are owed to Cra etc
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  • Nick Bachusky 2016-03-02 9:25:10 AM
    I agree with Joe.

    The fact that we have to work within guidelines and do but then the client can go across the street to a car dealership and the dealer will easily fund a brand new car raising the client's TDS/GDS beyond our guidelines is a real problem.

    I also think that lenders should be requiring the lowering of potential unused credit (LOC's and large unused credit card balances) to fit within our guidelines so that our clients have more difficulty acquiring easy credit after mortgage funded. I used to see this more 5 years ago but not so much anymore.
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  • Tomas 2016-03-02 10:26:27 AM
    You folks know banks make much more on mortgages than credit cards right?
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