Mortgage Blog

Roundtable Meeting Regarding How Canadians Have Been Impacted By Mortgage Rule Changes

April 6, 2017 | Posted by: Holly Cochrane

It was such a pleasure to have been asked to attend a roundtable meeting hosted by Mr. Kelly McCauley, MP. The purpose of the meeting was to discuss the new mortgage rules implemented by the Government of Canada in October of 2016. If you are unaware, the rules standardized eligibility criteria for high and low ratio mortgages - including a stress test. Originally these changes were enforced to correct the rising housing prices in parts of Canada. However, these rules have caused issues for many Canadians attempting to gain a mortgage.

The purpose of the roundtable meeting was to discuss how the changes have affected Canadians attempting to purchase a home. From a mortgage broker standpoint, I described some of the situations I have encountered since this significant change was made. There was also an individual in attendance explaining the situation from a real estate point of view. Overall, this roundtable meeting was very successful. It was great to hear from other professionals about the ways that these changes have affected Canadians everywhere. I am grateful to have been able to represent mortgage brokers and describe my experiences with the new mortgage rule change. 

If you have questions about this topic or anything else, I would be more than happy to assist.

 - Holly

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