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• Kuldip Panesar 2018-09-24 4:58:54 PM If the mortgage term is fixed for five years then there should not be any stress test. It should apply to the only variable interest rate. After the mortgage credit cards to be issued only after considering the GDS and TDS.

• TERRY 2018-09-24 2:20:03 PM same with union water front in for 3 years in 2012 still waiting. thay tell you a load of B S

• Ontario Appraiser 2018-09-22 1:55:47 PM Its time for the bank to realize that the appraisal reports that they are paying for are not worth the paper their written on. Haven seen some of these appraisals it is obvious that there are "sweat shops" that bang out a majority of the appraisals. They cut corners and quality suffers. I've heard of firms that have "inspectors" that go out to see the property while a data entry person is doing the research and typing the report. The "inspector" is really just a glorified photographer. In some cases the person doing the inspection is not even an appraiser or member of any association. Does the lender know that these people are entering their client's homes? As far as the fee goes, these firms work on low fees and high volume. The "super suppliers" are getting $90 to $115 per report and the report is expected to be completed within hours. No time for sitting in traffic, No money to pay for your gas, car insurance, liability insurance, continuing education requirements, License fees, MLS access, internet access, cell phone etc. Don't get me started on "Public Records" The appraiser has no time to "measure" the house anymore and therefore are relying on MPAC for the floor area. One of the AMC's has a monopoly over this information and is colluding with MPAC, charging $2.50 per floor area which is supposed to be "Public Records". So now the $90 appraisal is only $80 because you have to pay for the floor area for your subject property and 3 sales. (4 x 2.50 = $10). Appraisers in other Provinces have access to all this information and more, for free. What is wrong with Ontario? I work harder now than I did 20 years ago and make half of what I made before. My expenses have gone up and my volume has gone down because I can't lower my fee and still keep a roof over my head. Any time I talk to an AMC they tell me the only way to get more work is to lower my fee. I have trained several appraisers who left me as soon as they got their designation and went to the same AMC's and undercut my fee and now they get the work instead of me. I have no interest now in training any new appraisers. I pay extra to have a designation that allows me to supervise a candidate appraiser and you get no thanks for it. Only more competition. I am one of those appraisers who are in the 58 or older category. I hope to retire soon and get out of this business once and for all. I'm tired of working with a bunch of crooks. I do not recommend any young person to get into this "profession" for lack of a better word. It used to be a profession but now it's just a really hard job with low pay. Here's the problem; Let say a new Candidate finds someone to train them. The supervisor takes 40% of the $90 fee. The supervisor makes $36 to review and co-sign the report and take on the liability. Now the appraiser is making $54. Hypothetically, let say it takes 1 hour to inspect the property (including driving time), One hour to do research and one hour to type the report. The candidate is now making $18 per hour. But out of that has to pay for gas, car maintenance, insurance, membership, education, cellphone, internet. Minimum wage is $14 plus benefits for a Walmart Greeter or Tim Hortons. That leaves $4 per report to pay for all of your expenses. No benefits. Then sit back and listen to the banks yearly profits and how well the AMC's are doing. Dying Profession? I wonder why.

• David 2018-09-19 4:10:28 PM Why single out the stress test as not having any meaning at transfer/switch. Why not argue for no underwriting at all, including no new bureau score etc... To single out the stress test as not having any meaning on a switch has not basis and is self servicing. The stress test doesn't apply on a renewal. Sure the person who just happens to have a very high debt service ratio at renewal might have to stay. but that is also the case if their bureau score has fallen, or their income has fallen, etc.. This argument is baseless. You either underwrite a loan fully or you don't, and debt service ratios and their associated stress test are part of good underwriting.

• Carol 2018-09-19 2:39:14 PM The mortgage debt Canadians are carrying is not the problem. Credit card debt is our problem. The interest rates on credit cards are so high that we can't get our credit cards paid off. . . and that debt load affects our qualifuing for mortgages. The federal government has the power to control credit card interest rates so why don't they step in and manage that segment of our economy? A couple of suggestions: Set a maximun interest rate that is a few percentage points above the bank rate. Give Canadian citizens a set number of years of amnesty or interest rate forgivness on their current balances. . . with restrictions on further borrowing. You think of something! Good luck to all of us.