There has been no shortage of opinion following the recently announced mortgage rule changes, and the country’s largest network has now weighed in. “The new mortgage rules announced by the Federal Government on October 3, 2016 caught the entire industry by surprise and we continue to assess the potential impacts of these changes”, Gary Mauris, President of Dominion Lending Centres, said. “Our current view is that the new rules will make it more difficult and more costly for many Canadians to obtain a mortgage.
“In turn, this should result in more Canadians using a mortgage broker as we have access to hundreds of lenders who can provide the right mortgage product at the best rate.”
DLC released a three-page report Thursday, focusing on the implications of the recently implemented rules.
It breaks down each of the rules and provides an explanation, with the homebuyer in mind.
And while the network anticipates the changes will have little material impact on its own bottom line, it’s also confident some of the new rules will evolve as industry stakeholders are consulted.
“After speaking with senior officials in the Federal Government, we anticipate they may still amend many of the new rules in response to industry and consumer feedback,” Mauris said.