Finance committee  Thank you very much, Mr. Chair, and thank you for the opportunity to present to the committee today. My name is Paul Taylor. I'm president and CEO of Mortgage Professionals Canada, Canada's mortgage industry association representing 11,500 individuals and over 1,000 companies. W

Finance committee  I would echo almost all of that sentiment. I think we heard from CMHC on Monday that of the 165% debt-to-income ratio, 73% of that was actually mortgage debt. The rest of it must be change, and that is tied to not great assets. If that's the case, mortgage debt is almost a for

Finance committee  Mortgage Professionals Canada was not consulted prior to any of these specific changes being introduced. Regarding the question of regionality and housing starts having stalled in Calgary, I am hearing very similar reports from the lenders within our community of the number of a

Finance committee  My tenure with the association is just about 12 months but I know my predecessor was talked to regarding the increase in the down payment change from $500,000 to $1 million and the incremental increase, if you will, as that's tiered. So sometimes, yes.

Finance committee  Any incentives at all that could assist with adding supply to the markets where we are seeing values appreciating would be incredibly beneficial for everybody. I think that almost all of the pricing pressure in the Toronto and Vancouver areas is very specifically a supply-side is

Finance committee  Could I comment very briefly?

Finance committee  To answer about the data, the Canadian Real Estate Association will have tracked all the homes that changed hands this year. If you were to cross-reference that against the records of insurance through CMHC and some of the private insurers, you should be able to figure out pretty

Finance committee  Sir, can I...?

Finance committee  I think there's a necessary distinction between an individual who's an employee of a financial institution, who recruits for one lender, versus a broker who's independent, who's a commission-based agent, and who would represent multiple lenders for the origination of a loan.

Finance committee  In fact, there's a very key distinction between the current and the previous. The stress test only applied to people who were getting less than a five-year term. Because the logic was that on a five-year fixed mortgage, you have five years to accrue equity before you're actually

Finance committee  It is not too early to tell. Our association has a very large number of mortgage lenders and insurers, actually, as part of our constituents. They will tell us specifically that they have seen reductions in the number of applications for loans they have funded and the number of i

Finance committee  Thank you very much for the question. This may take a moment, so I apologize if I get long-winded. We're an association of mortgage lenders, mortgage insurers, and mortgage brokers. The lenders within our community actually include TD and Scotiabank. We also have First Nationa

Finance committee  I think I can get to the root of this. There are some lenders who will specifically focus on or target borrowers that have less appealing credit histories. They might work in a marketplace where they will offer a higher standard mortgage interest rate because the risk of default

Finance committee  The first point I'd like to make is that these changes are a little overreaching in how conservative they are in the amount of capital that needs to be reserved to ensure that the financial system doesn't fall apart, as you have alluded to. Our arrears rates for mortgages are cur

Finance committee  In our recommendation four, we would recommend implementing an indexation to inflation for the mortgage insurance cap, and also to consider setting regional limits to better reflect localized housing market conditions rather than setting a national standard. Adjusting the valua