Mortgage industry continues advocacy efforts

Mortgage industry continues advocacy efforts

Mortgage industry continues advocacy efforts One of the industry’s associations releases its housing recommendations for a meeting with government officials.

In a position paper, shared with, the Canadian Mortgage Brokers Association (CMBA), is advocating the government address housing supply issues in British Columbia.

The association presented its paper to Liberal MP Rich Coleman and NDB housing critic David Eby Wednesday.

CMBA is asking the government to become more creative when it comes to increasing housing supply.

That includes considering alternative housing types aimed at homebuyers who may be interested in something larger than a condo yet smaller than a typical single-family home.

“Ensure there is sufficient focus on the ‘missing middle,’ meaning ground-oriented housing that provides an option for families and/or downsizers between a traditional single-family home and a high-rise condominium,” CMBA said in its paper. “Examples include stacked townhouses, rowhouses, duplexes, quad-plexes, mid-rise purpose-built rental, and traditional townhouses. A focus on the “missing middle” and how to build diverse product that is affordable for consumers – and viable for industry – is paramount.”

Other recommendations include ensuring infrastructure support in growing areas, which would help increase density; addressing barriers to purpose-built rentals; and creating more incentives for energy efficient retrofits.

One section of the paper is dedicated to suggestions for government fees, charges and timelines.

“Ensure local governments levy development cost charges and community amenity contributions appropriate to the impact of development,” CMBA said. “Services such as transit benefit everyone, and buyers of new homes should not pay disproportionately for these community benefits. Fixed contributions and charges, rather than negotiated or unpredictable fees, should also be considered.”

One note in the paper that will likely be applauded by brokers is the request that the government “ensure that federal and provincial capital-raising and underwriting rules for mortgage lenders are not unduly restrictive, so that BC home buyers and borrowers continue to have financing options.”

To read the paper in its entirety, click here.