Mortgage Professionals Discuss Mortgage Eligibility Rules Which Negatively Impact Housing Affordability and Accessibility

OTTAWA, May 27, 2019 /CNW/ - Canada's voice of mortgage professionals returns to Ottawa this week, seeking changes in federal mortgage eligibility and financing laws which unnecessarily impact Canadians and the economy. Mortgage brokers, lenders, and insurers from across Canada will outline to decision makers the continued negative impact of the 'stress test', how recent federal mortgage rule changes are impacting Canadians, especially first-time buyers, as well as the Canadian economy.

Housing affordability, availability and accessibility are topics of growing concern for both the public and politicians alike as election season nears. Mortgage Professionals Canada (MPC) will provide industry knowledge and research to help elected officials provide a path forward for those Canadians struggling with the housing market.

"Canadians, especially younger and new Canadians, have found it increasingly difficult to buy a home as a result of recent federal regulations," said Paul Taylor, President and CEO of MPC. "As we continue to say, the current regulatory framework is decreasing competition and increasing costs, and ultimately reducing accessibility for consumers."

Current regulations have made it harder for Canadians to achieve their dream of homeownership. Buying a home helps Canadian families build equity and financial stability. In addition, homeownership ties individuals closer to their communities, adding to local commerce, culture and civic life.

"We ask that the federal government listen to Canadians, and read the research illustrating how current regulations are preventing many Canadians from achieving their dream of homeownership," said Claude Girard, MPC Board Member. "We agree on the first steps to fixing housing access in Canada: adjust the stress test to an appropriate level and allow the mortgage industry to offer more accessible products, in order to help those who want to become homeowners achieve their Canadian dream."

Mortgage Professionals Canada is the national mortgage industry association whose members include mortgage brokers, mortgage lenders, mortgage insurers and industry service providers. The association represents over 11,500 individual members and over 1,000 businesses across Canada.

SOURCE Mortgage Professionals Canada