Mr. Speaker, Mortgage Professionals Canada is on Parliament Hill this week, joined by some of my former industry colleagues with the Alberta Mortgage Brokers Association.
I wish to point out the important role that mortgage brokers play in Canada's real estate industry. Mortgage brokers arrange one-third of all mortgages in Canada, and nearly half of those for first-time homebuyers, representing $80 billion in annual economic activity. These professionals have a keen eye on the health of real estate markets across the country. Many mortgage brokers are concerned that the rule changes imposed by the Liberal government last October, which were imposed without industry or consumer consultation, are making it harder for young families to purchase homes. I share the concerns mortgage brokers have raised with me about reduced competition that will lead to higher costs and limited choices for consumers.
I hope many members will take the opportunity to learn about this important industry and that the government will now listen carefully to those they failed to consult prior to imposing change.