The Appraisal Institute of Canada (AIC) Addresses Housing Crisis with Key Recommendations to Parliament

OTTAWA, ON, Sept. 21, 2023 /CNW/ - The Appraisal Institute of Canada (AIC) is on Parliament Hill today, to discuss the critical housing issues facing Canadians. This includes a full day of meetings with Members of Parliament, as housing affordability issues are top of mind for Canadians and Parliamentarians.

AIC Professional Appraisers (P.App.) play a vital role in the real estate industry and the Canadian economy by providing independent and objective valuations that are not influenced by any other participant. This allows those relying on their valuations to make an informed real estate decision.

"The presence of AIC Professional Appraisers on Parliament Hill demonstrates our commitment to working with lawmakers to find effective and sustainable solutions to the current housing affordability crisis, while also ensuring the health of the financial system and the real estate market as a whole," says Keith Lancastle, Interim AIC CEO. "The AIC and its Members have a strong focus on consumer protection and have absolutely no vested interest in the outcomes of a transaction. Because of this, Professional Appraisers are uniquely placed in the real estate industry to offer expert perspectives on the current housing crisis. We look forward to the many important discussions that will take place today."

The AIC will be reiterating the need for prudent mortgage underwriting guidelines, the need to address the housing crisis by focusing on supply initiatives, and the need to exempt mortgage renewals from the application of the stress test when moving between Federally Regulated Financial Institutions so that Canadians can obtain the most competitive interest rate possible. More information on these recommendations can be viewed here: AIC 2024 Pre-Budget Submission.

ABOUT AIC

The Appraisal Institute of Canada (AIC) is the premier real property valuation organization in Canada representing over 5,600 Members with the mission to "Advance the Canadian real property appraisal profession in the public interest through education, self-regulation and member support." Founded in 1938, the AIC grants the distinguished Professional Appraiser (P.App.) trademark accompanied by either the Accredited Appraiser Canadian Institute (AACI) or Canadian Residential Appraiser (CRA) designations to individuals across Canada and around the world. Our members adhere to the nationally and internationally recognized Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and are respected worldwide for meeting the rigorous AIC designation program and its ongoing professional development requirements.

For more information, visit www.AICanada.ca 

SOURCE Appraisal Institute of Canada

For media inquiries, please contact: André Hannoush, Director, Public Affairs and Communications, Appraisal Institute of Canada, 613.979.7367, [email protected]