Money: OREA calls on federal finance committee to relax mortgage rules - PressFrom - Canada
  •   
  •   
  •   

MoneyOREA calls on federal finance committee to relax mortgage rules

12:55  19 july  2019
12:55  19 july  2019 Source:   financialpost.com

Canadian airlines ask appeal court to quash new passenger rights rules

Canadian airlines ask appeal court to quash new passenger rights rules OTTAWA — Canadian airlines are among the hundreds of carriers asking the Federal Court of Appeal to quash new rules around passenger rights. Air Canada and Porter Airlines Inc., along with some 290 member airlines of the International Air Transport Association, say in a court filing that required compensation for passengers dealing with delayed flights and damaged luggage violates international standards and should be rendered invalid. The court application, filed last week, also says nullifying the new provisions would avoid confusion for international passengers who could be subject to travel regimes from multiple jurisdictions.

TORONTO — The Ontario Real Estate Association is calling for less stringent mortgage rules in a rebuttal aimed at the head of the Canada Mortgage and Housing Corp. OREA those renewing their mortgage with a different lender.In the July 18 letter to the House of Commons finance committee

TORONTO — The Ontario Real Estate Association is calling for less stringent mortgage rules in a rebuttal aimed at the head of the Canada Mortgage and Housing Corp. OREA those renewing their mortgage with a different lender.In the July 18 letter to the House of Commons finance committee

OREA calls on federal finance committee to relax mortgage rules On the other hand, Rob McLister of RateSpy.com sees 30-year amortizations as a valuable financial tool as they can allow borrowers to allocate more income to higher-cost debt and less to lower-cost mortgages.

The Ontario Real Estate Association on Thursday called on the federal government to relax mortgage-lending laws, arguing against what they see as government-imposed barriers to home ownership.

The group, which represents the interests of 78,000 Ontario realtors, made the arguments in a letter addressed to the chair of the standing committee on finance, Wayne Easter.

OREA’s letter was a response to criticism from Canadian Mortgage and Housing Corporation’s chief executive officer Evan Siddall, who has vocally opposed OREA’s proposals.

Ottawa amends law to improve money-laundering prosecutions, more recommendations await implementation

Ottawa amends law to improve money-laundering prosecutions, more recommendations await implementation Ottawa amends law to improve money-laundering prosecutions, more recommendations await implementation

The Ontario Real Estate Association is calling for less stringent mortgage rules in a rebuttal aimed at the OREA chief executive Tim Hudak says in a letter to federal policy-makers that Ottawa should In the letter to the House of Commons finance committee , Hudak takes aim at comments made by

The Ontario Real Estate Association is calling for less stringent mortgage rules in a rebuttal aimed at the OREA chief executive Tim Hudak says in a letter to federal policy-makers that Ottawa should In the letter to the House of Commons finance committee , Hudak takes aim at comments made by

Their three major requests are to restore the 30-year amortization period for those who are insured, to make the stress test more “flexible and reasonable” and to eliminate the required stress test for borrowers looking to switch lenders.

The letter, signed by OREA chief executive officer Tim Hudak, also encourages the government to take action to increase housing supply, including by offering unused federal lands and increasing infrastructure incentives.

Alternative lenders gain market share as total mortgage growth slows, CMHC says

Alternative lenders gain market share as total mortgage growth slows, CMHC says Alternative lenders gain market share as total mortgage growth slows, CMHC says

Ontario Real Estate Association calls on Ottawa for relaxed mortgage rules . OREA chief executive Tim Hudak says in a letter to federal policy-makers that Ottawa should consider restoring 30-year Siddall argued in a May letter to the finance committee that allowing 30-year insured mortgage

OREA chief executive Tim Hudak says in a letter to federal policy-makers that Ottawa should consider restoring 30-year insured mortgages , ease up on Siddall, in a May letter to the committee , urged it to “look past the plain self-interest” of the parties lobbying for eased rules to protect the economy from

“The problem is, there are artificial barriers imposed by governments at all levels holding (buyers) back unfairly,” said Hudak. “We can address housing supply at the local, provincial level and nationally, but really only the federal government can address these harsh one-size-fits-all mortgage restrictions that are having a real impact on the struggling middle class.”

Hudak also said that no major parties have offered a plan to address the obstacles to home ownership, hence the letter.

Rob McLister, the founder of mortgage comparison site RateSpy.com, sees the mortgage issues as more nuanced.

He sees 30-year amortizations as a valuable financial tool as they can allow borrowers to allocate more income to higher-cost debt and less to lower-cost mortgages. That minimizes borrowing costs and in theory could help prudent Canadians retire more quickly.

But the problem with longer amortization periods, McLister says, is that they create excess demand and risk by helping more people into the market in the short term.

The Liberals should do better on gun control

The Liberals should do better on gun control The Liberals should do better on gun control

OREA chief executive Tim Hudak says in a letter to federal policy-makers that Ottawa should consider restoring 30-year insured mortgages , ease up on Siddall, in a May letter to the committee , urged it to "look past the plain self-interest" of the parties lobbying for eased rules to protect the economy from

Melvin Watt, Federal Housing Finance Agency chief, outlined plans to reassure banks that sell home loans to the government.CreditCreditIsaac Brekken for To reassure mortgage lenders, the housing finance agency intends to further relax the agreements that determine when Fannie and Freddie may

“Canada can’t afford more purchase demand in its already tight markets, at least until Ottawa implements supply-creation policies that actually work,” he said.

McLister also suggested making the stress tests more adaptable by tying them to an objective reference rate and allowing borrowers who switch lenders to forgo the tests.

OREA’s own research states that 60 per cent of Ontarians support a 30-year amortization period for insured mortgages. Further, 58 per cent of Ontarians aged 18 to 34 support the federal government lowering the minimum-qualifying rate for uninsured mortgages, with 51 per cent of all Ontarians supporting the same.

“Whenever I see bureaucrats being so defensive and somewhat thin-skinned, that would always set off my alarm bells when I was a member of provincial parliament,” said Hudak. “That tells me that the political level needs to take a very close look. Are they still working or is there a better way of addressing the problem?”

This letter comes as the Bank of Canada’s minimum five-year mortgage-qualifying rate has fallen to 5.19 per cent from 5.34 per cent. It is the first change since May 2018 and the first decline since September 2016. The Bank of Canada derives the rate from the posted five-year mortgage rates of the country’s six largest banks.

[email protected]

With fixed rates below variable ones, mortgage market is in the Upside Down.
Normally, the peace of mind of having a fixed mortgage rate comes with a price premium. Now, they come with a discount. Here's what's happening.

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!