Mortgage Professionals Canada’s continuing effort to represent our industry to government was rewarded in recent weeks as each of the federal Liberal, Conservative, and NDP parties reached out to us to discuss their housing policies, and their now published election platforms related to housing and affordability.
While the Conservative’s and NDP’s platform were public at the start of the campaign, the Liberals' materials were published about a week into the race. Now they are all published and announced, we are able to provide you, our membership, with a comparison of their election housing platforms and promises.
MPC is encouraged to see housing affordability take such a prominent place in the election, especially after our many discussions within MPC Hill Week in March, and numerous subsequent meetings with senior ministers, parliamentary critics, and policymakers.
MPC informed all parties and policymakers that we believe the pressing and ongoing issues related to housing affordability in Canada require:
- greater housing supply, especially through ensuring provinces and municipalities reduce the excessive supply headwinds caused by red tape, development charges, and NIMBYism
- an insurable 30-year amortization option for first time buyers, up from current 25-year max
- improvements to the FTHBI, if it was to be retained
- removal of the stress test for mortgage holders wishing to change lenders at renewal, as long as they have a proven track record of making payments through their prior term, and aren’t taking on new mortgage debt
- increasing the insured mortgage property purchase price cap from its current $1M, to reflect prices today, and adjustments for inflation going forward
We are pleased all three major parties have responded to at least part of MPCs requests of them during these past months. Below are the housing related announcements to date by the five represented parties in the House of Commons as of the election call, which should allow you to make informed choices for #Election2021.
Summary of Party Platforms:
MPC’s mission statement is simple: Advancing the mortgage broker channel. In our advocacy efforts, we strive to be Canada’s unified, authoritative voice of the mortgage broker channel, and through the considerable time and contributions of many volunteer members, I can confidently state this is how we are now widely regarded. I understand that voting is a deeply personal activity, and many factors will drive each of your personal choices. MPC is deliberately non-partisan, and I have no request of you other than to please ensure to exercise your right and vote for the party of your choice. As an association representing individuals working in the housing finance sector, our presentation of the respective parties’ housing platforms is made to assist you when weighing all elements of your decision.
We always welcome your questions and comments so please do not hesitate to contact me directly, or J.P. Boutros at email@example.com.
President and CEO