It was attended by over 175 people which included mortgage industry professionals, lenders and investors. The summit focused on the state of the current mortgage market, including the implications the new Mortgage Rules will have for the industry. The event gave attendees an opportunity to share their views, gain insights from experts, and discuss strategies for success in this changing environment.
The panel discussion began with a presentation from Johnathan Jaeger, a Senior Policy Analyst at the Canadian Bankers Association, who overviewed the new Mortgage Rules, such as the stress test that all borrowers now must pass when obtaining a mortgage from a federally regulated lender. He also discussed other topics such as mortgage underwriting practices, non-bank lenders, and alternative forms of financing (i.e. private loans/equity mortgages).
Next up, was Dan Eisner, President & CEO of True North Mortgage. He spoke about how the recent changes to the Mortgage Rules are influencing the mortgage market and how they will ultimately affect consumers. He argued that the rules have led to a rise in interest rates, longer mortgage terms, and fewer borrowing opportunities. He believes that it is essential to have an understanding of both the pros and cons of the new rules to ensure a successful transition.
The third speaker was Tim Wilson, President and CEO of First National Financial LP. He provided his thoughts on the new alternative forms of financing, such as having a partner as a guarantor or providing additional down payment. He also highlighted recent challenges in the marketplace such as the decreasing number of available mortgages and competition among lenders for new business.
The final speaker was a panelist comprised of the three previous speakers along with Steve Ritchie, President and COO of Street Capital Financial. The panel discussed the current options available to mortgage brokers to help them navigate the changing marketplace. They agreed that being well-informed on the new rules, understanding the customer’s needs, staying up-to-date with a client’s financial situation, and having a variety of financing/lending options, are essential tools in order to effectively provide a great customer experience.
The Canadian Mortgage Trends Summit was an informative event that highlighted the current state of the mortgage market, including the implications of the new Mortgage Rules. The panel of experts presented a comprehensive overview of the situation and offered insight into strategies for success in this changing environment. Ultimately, they concluded that being informed, having a variety of lending options, and understanding the customer’s needs are key components of providing great customer service in the new mortgage market.
The Canadian Mortgage Trends Summit, which took place in September, was an opportunity for mortgage industry professionals, lenders and investors to gain insights into the changes in the mortgage market in light of the recent Mortgage Rules. The event was attended by over 175 people and featured presentations and panel discussions from experts in the field. The first speaker was Johnathan Jaeger of the Canadian Bankers Association, who provided an overview of the new mortgage rules, such as the mandatory stress test for borrowers and alternative forms of financing such as private loans and equity mortgages. Dan Eisner of True North Mortgage then discussed the impact of these changes on the market and how they will affect consumers in terms of higher interest rates, longer mortgage terms, and fewer borrowing options. Tim Wilson of First National Financial spoke about the different alternative financing options which could help borrowers, such as having a partner act as a guarantor or providing additional down payment. Lastly, a panel made up of the previous speakers along with Steve Ritchie of Street Capital Financial, suggested strategies such as keeping customers informed, staying up-to-date with their finances, and having a variety of options for lenders, as ways to help ensure success in the changing mortgage market. In conclusion, the summit demonstrated that the new mortgage rules are having an impact on the Canadian market and that in order to remain competitive and successful, it is essential to be aware and adapt to the current trends.
This article was contributed on Aug 15, 2023