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Vancouver Mortgage Brokers Favor MPC’s Request to Stop Mortgage Rules

on 10 February 2017
Vancouver Mortgage Brokers Favor MPC’s Request to Stop Mortgage Rules

Vancouver Mortgage Brokers in favor of MPC (Mortgage Professionals Canada) request to put a stop to any additional mortgage rules, at least until we are able to distinguish the effects of these recent changes. Newly implemented legislation such as the “mortgage stress test” and the additional 15% PTT (property transfer tax) for foreign buyers in Metro Vancouver, had appeared to dampen the housing market, decreasing transactions towards the end of the year.

These recent changes have not only negatively affected Canadian Consumers; it’s also complicated the financing process which has resulted in a moderate rate increase for non-bank lenders. MPC CEO Paul Taylor spoke to the Department of Finance requesting to at least put a halt on any additional rules until we have a strong hold on the effects we may continue to experience. MPC hopes that certain facets are revisited and potentially revised to benefit Canadians and still protect the government against over-leveraging. With the changes Canadians are being faced with, it is more important now than ever to find a mortgage broker. 

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