Finance committee  That was probably from our report written by our chief economist, Will Dunning. It was a cumulative total of his estimate of the number of folks who would have been pushed out of potentially being able to purchase a home following the introduction of the test. That report, I'm gu

Finance committee  Yes, that's a reasonably accurate statement. One of the largest concerns about it is that there are pockets of the country that have been significantly and disproportionately impacted by this policy. Economies vary, as you well know, from city to city, and rural region to rural

Finance committee  Right now, there's about a 240-basis-point gap between the insured rates and the A-class uninsured rates and the 5.19% benchmark.

Finance committee  You are exactly right. Bond yields have been falling, since probably October of last year, and the bank's posted rates have really not followed the direction of that reduction, so there's been a widening gap between the qualification rate and the actual contract rate. This means,

Finance committee  That's right.

Finance committee  I don't know if that discounts the poor policy rationale of using the Bank of Canada rate, though. I do think the banks use that rate for interest rate differential penalties and other internal business practices. They certainly don't have a concern about public policy rationale

Finance committee  As are we.

Finance committee  Thank you very much indeed, Mr. Chair, and thank you to the members of the committee. On behalf of the over 12,000 members of Mortgage Professionals Canada, thank you for providing us with the opportunity to take part in the discussions today. I am Paul Taylor, president and CE

Finance committee  That's a very good question. I think in normal times, I would have approached that response with a red-tape reduction and an expediting of processes to make sure that permits could be issued more quickly. Currently, considering just the safety of the individuals who will be creat

Human Resources committee  Thanks, Elaine. Switching gears somewhat, the industry, with government support, has been providing mortgage payment deferrals to many mortgage holders. Current Canadian Bankers Association statistics suggest that 16% of all mortgage holders have at some point since March deferr

Human Resources committee  I think a tax on equity would alter an awful lot of things, actually, and would probably be really detrimental in a number of different ways, but to be fair, I think that the study that's being conducted by CMHC is actually really more through an academic grant that's been provid

Human Resources committee  As I understand the structure of what has been proposed, because the tax is due at the time that you sell your home, I don't think it would make much difference to folks who are considering entering into the space, but it definitely does alter the value proposition for folks who

Human Resources committee  It's difficult to comment on that without having a really good understanding of what the proposed structure of that tax would look like. I think it would be disastrous to simply implement, as a switch, a 50% capital gains tax on the equity for everybody all at the same time. I en

Human Resources committee  It has to me. You will know yourself that, once the news actually broke that CMHC was studying such a thing, we reached out to your office directly. I think you're one of the first to assure us that.... I think CMHC, probably quite rightly, has certain funding arms to pursue acad

Human Resources committee  Thank you for the question. I apologize for answering in English, but my French is very bad. We decided that an additional six months' extension on the mortgage deferrals was required because the people who we think are most significantly impacted by the COVID-19 shutdown are t