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Mortgage Broker News | 02 Aug 2017, 08:15 AM Agree 0
The results are in and brokers have weighed in on the forthcoming mortgage rule changes
  • Warren Ross | 02 Aug 2017, 01:48 PM Agree 0
    Personally, I think government involvement in the housing market can be a good thing to avoid excesses and to help foster an environment where home ownership is widely attainable for the general public. The question is how to go about it? In my view, a regional strategy would be better than a national one. In regards to insured mortgages, the role of an insurance company is to manage risk. The fact that the insurance companies have one set of guidelines for the entire country, without taking into consideration the risks associated with various markets, is a big mistake. I live in Montreal, and in the last 9 years the value of my home has barely budged, yet over the last few years mortgage guidelines have gotten increasingly stricter due to risks in Toronto and Vancouver. This is ridiculous. If there were tighter guidelines in Toronto, and looser guidelines in Montreal, it would also help bring balance to the national housing market and better redistribution of wealth than transfer payments. Regional guidelines can be reviewed on a regular basis just like monetary policy. (Monetary policy, which is also national policy by nature, has also proved to be inefficient in its mandate of controlling inflation in a country with diverse economies)
    • Rob Yake | 02 Aug 2017, 02:11 PM Agree 0
      Yes to all of that.
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