The industry has been going to bat for brokers and potential home buyers following last year’s mortgage rule changes; that continued last week with dozens of meetings, organized by Mortgage Professionals Canada, with government officials.
“For an initial event, it was incredibly well organized, incredibly well run. There were roughly 21 one of us, we broke up into several separate pods and met with two or three MPs over the two days. It was incredibly efficient,” Dustan Woodhouse
, a BC-based DLC
broker, told MortgageBrokerNews.ca. “All the MPs, for the most part, were polite and receptive. Very few of them had a grasp of the nuances. That’s an understatement.”
Woodhouse estimates industry players – which included brokers and lenders – interacted with over 100 MPs over the course of two days.
“Are we going to see a sudden reversal of changes? Not likely. Did we communicate clearly the potential pain that a number of Canadians are going to go through, especially in small towns or especially your single-income family buyers? I think we communicated that clearly,” he said. “You’ve got these bidding wars going on yet we’ve cut our own citizens back by 20%. We have the highest qualified borrowers probably in the world and we’ve tightened it even more. But not if (they) go to that other institution, (the banks).”
Mortgage Professionals Canada released its own brief on the meetings.
"I am extremely pleased that there is a real sense that Members of Parliament are listening to the concerns from our industry." said Paul Taylor, President of Mortgage Professionals Canada. "This weeks advocacy efforts have gone a long way in educating Members of Parliament on the positive role that mortgage brokers play in the Canadian housing market and the negative impacts that recent changes are having on first-time homebuyers.”
During the March 7 meeting, the association also requested the government refrains from introducing further mortgage-related policy until the full effects of last October’s changes are known.
“This is hurting Canadian consumers and slowing the Canadian economy,” MPC said in a statement following the meetings. “This is why we are calling for some common-sense adjustments to the new rules that will help soften the impact of these changes on middle class Canadians. We are also asking the government to refrain from any further changes to the housing market for at least 18 months.”