Finance committee  Mr. Siddall made a number of statements regarding the program. It's quite specifically created not to add any fuel to the fire.

Finance committee  The program is really quite restricted so that folks who are eligible for it are actually able to borrow less than they otherwise would have been.

Finance committee  It's a very surgical program. It allows the government to make statements that it's supportive of construction, even though I'm not really sure there's going to be an awful lot of take-up with the program that would create that.

Finance committee  I think it's supposed to create jobs within the construction industry more than it's supposed to be inflating values, because the restrictions on income multiples would actually keep that activity level down, I would say. I don't know if you want to add to that, Michael.

Finance committee  Yes, I don't think it's going to be as successful as projected.

Finance committee  I could probably get a much more technical answer from one of the insurers that belongs to our association, but at first blush, I would say that I don't think there's any real additional risk. Because the insurance already existed on the mortgage, in the event that there was a do

Finance committee  I understand. This is almost the exact conversation that we've had about a hundred times, honestly, and Francesco and I have debated this ad nauseam, almost. We have no concern, or I should say, we are not averse to stress testing. We never have been. From the moment the first s

Finance committee  I'm going to leave that for my banking friend here to address.

Finance committee  I'm not sure I agree.

Finance committee  There's not too much analysis required on that. Since the mortgage is going to be insured, you're probably going to get the best available rate in the market. In fact, if you have a down payment of less than 20%, because that mortgage is insured, you're generally actually qualify

Finance committee  We don't think so, no—

Finance committee  —because the qualification criteria are effectively the same.

Finance committee  Thanks very much indeed for the introduction, Mr. Chair, and thank you for the opportunity to address the committee today. Mortgage Professionals Canada is a national industry organization representing mortgage brokers, mortgage lenders, mortgage insurers and technology service

Finance committee  We also continue to recommend an exemption to the stress test where borrowers have paid as agreed through their initial term and wish to move their mortgage at renewal. Maintaining the current requirement is anti-competitive and, frankly, anti-consumer. Canadians with a proven pa

Finance committee  I don't think they are any more or less at risk than the larger community. The biggest trigger for mortgage default is loss of employment, which really can affect anybody in almost any geography. First-time homebuyers are certainly a community that has had the hardest time qualif