July 26, 2023 - Toronto, Ontario – Mortgage Professionals Canada 

“As Canada’s mortgage industry association, with over 15,000 members, representing mortgage brokers and agents, as well as banks, lenders, insurers, and service providers, across the country, we welcome the appointment of Minister Sean Fraser to Housing, Infrastructure and Communities. We thank Minister Hussen for his work and congratulate him on his new file. 

“With interest rates at a 22-year high and Canadians living in a housing affordability crisis, this is a critical time for federal leadership on this file.  

“Minister Fraser’s proven track record and strong leadership as a decision-maker will be valuable in this role. The renewed focus on housing by the federal government is both encouraging and vitally important to Canadian homebuyers and owners.  

“We also congratulate Minister Bibeau on her appointment to National Revenue as an important file to address fraud prevention among other mortgage related matters. We thank Minister Lebouthillier for her years of service in this portfolio and congratulate her on her new appointment.  

“We will continue to advocate for the federal government to help make homeownership more affordable and level the playing field for all homebuyers by introducing a return to 30-year amortization periods for insured mortgages. It can also eliminate the stress test on mortgage transfers, switches and renewals to help Canadians find the financing solutions that best fit their budget. Finally, the government can act on its commitment to increase the insured mortgage cut-off from $1 million to $1.25 million, and index it to inflation to better reflect today’s housing prices. 

“A permanent National Housing Roundtable comprised of these groups, established by the federal government, could also help ensure effective action. We need all governments to work together, along with industry and civil society. 

“We look forward to working constructively with Ministers Fraser and Bibeau, continuing our important work with Deputy Prime Minister Freeland and across government to ensure the dream of homeownership remains available to Canadians.”

    Lauren van den Berg, President & CEO, Mortgage Professionals Canada