Mortgage Professionals Canada to Meet With Parliamentarians to Discuss How Government Can Better Support Canada's Aspiring First Time Homebuyers

OTTAWA, ON , March 21, 2022 /CNW/ - Mortgage Professionals Canada (MPC) is in Ottawa this week to meet with key political decision-makers to reiterating the need for the Federal Government to implement housing commitments to support first-time homebuyers and relieve constraints in the housing market.

"In the leadup to the most recent Federal election, MPC was very encouraged by the clear commitments made by Canada's major political parties related to supporting homeownership and first-time homebuyers. These promises included changes to mortgage insurance qualification and re-evaluating the mortgage qualification stress test," said Paul Taylor, President and CEO of MPC. "Today, and through this week, we are meeting with ministers, senators, members of Parliament, and senior staff to discuss these and other policy levels that should be implemented as a means to provide support for aspiring Canadian homebuyers."

This month, MPC also released its semi-annual report on the State of the Housing Market. The report, authored by Oxford Economics, affirmed how the vast majority of Canadians expect housing prices continuing to rise, and continue to consider home ownership as a good long-term investment.

"On behalf of our almost 15,000 members and their tens of thousands of clients, we are pleased to be here to continue our advocacy," added Joe Pinheiro, MPC Chair. "It's quite clear to policymakers and the Canadian public that urgent action is needed to allow certain first time homebuyers access to homeownership, which will help the government meet its stated priority of growing the middle class. The implementation of MPC's recommendations can help achieve this. For instance, MPC has long advocated for the introduction of 30-year mortgage amortizations for insured mortgages, which, through lower mortgage payments, would provide a sensible and reasonable option for otherwise qualified first-time homebuyers to better compete with the well-capitalized who already have access to 30-year amortizations. This practical step would also not alter the sound underwriting practices of Canada's mortgage financing sector."

"The status quo is not working for those Canadians, but we recognize that the federal government and opposition parties, through their own messaging and our conversations with them, want to change this," noted Veronica Love, MPC Vice Chair. "Our almost 15,000 members across Canada work every day to help thousands of clients buy their first homes, but certain policies prevented many otherwise qualified Canadians from benefitting from home price gains, especially over the last 18 months. These Canadians still want to help grow our country's middle class through homeownership, and we hope to help them achieve their goal through our conversations with parliamentarians this week."

About Mortgage Professionals Canada

Mortgage Professionals Canada (MPC) is the national mortgage industry association representing almost 15,000 individuals and over 1,000 companies, including mortgage brokerages, lenders, insurers and industry service providers. Our members make up the largest and most respected network of mortgage professionals in Canada. MPC represents members' interests to government, regulators, media and consumers. With our members, the association is dedicated to maintaining a high standard of industry ethics, consumer protection and best practices.

The mortgage broker channel originates almost 40% of all mortgages in Canada and 55% of mortgages for first-time homebuyers, representing approximately $120 billion dollars in economic activity annually. With our diverse and strong membership, Mortgage Professionals Canada is uniquely positioned to speak to issues impacting all aspects of the mortgage origination process.

SOURCE Mortgage Professionals Canada

Christian von Donat, C: 613-408-0498, [email protected]