The REALTOR® Action Network, or RAN, is our industry’s online advocacy and online platform built exclusively for members of CREA to connect to their Member of Parliament (MP).
Our strength is harnessing 122,000 members from across the country to bring a stronger and more unified voice to Ottawa. This network is set up to make it easy to let your MP know if there is a concern about federal government legislation that will negatively impact our industry in the form of “calls to action.”
A call to action went out last week, which is asking RAN members to send a letter to their MP about the federal government’s consideration of a proposal from the Office of the Superintendent of Financial Institutions (OSFI). The proposal recommends a new stress test be imposed on all uninsured mortgages that equates to having to qualify for a mortgage at a rate two percentage points above the rate offered to them by their lender.
“This measure would shut many consumers out of the market,” according to the letter CREA drafted for RAN members to send to their MPs, “drive them into less suitable housing or entice them to visit sub-prime lenders that are not federally regulated. When combined with the seven different finance tightening measures introduced in the last eight years, homeownership is slipping out of reach for many first-time home buyers.”
The letter concluded: “Extending the stress test to uninsured mortgages is unnecessary, imprudent and risks damaging the Canadian economy. The 122,000 members of CREA request that the government reject this recommendation.”
If you have any questions, call Shaila or Peter at 204-786-8854.