Mortgage Brokers Continue Fight for Competition

Marci • March 22, 2017

As you may well be aware, the government has recently made changes to the way mortgages are qualified through the Canadian Mortgage and Housing Corporation (CMHC). In short, these changes have made it more expensive for some of the broker channel lenders to fund mortgages, the increased cost of doing business is then passed on to consumers through higher interest rates. This government intervention has led to an unfair playing field, which means when you consider all your mortgage options, you now have less options than you did before. As an industry, we don’t believe this is right, and we’ve taken our concerns to Ottawa. 

Here is an article titled  Mortgage Industry Voices Concerns to Ottawa  that was published on Canadian Mortgage Trends, a publication of Mortgage Professionals Canada. It provides a highlight of what mortgage brokers are doing to continue the fight for better mortgage products for Canadians. 

Mortgage Industry Voices Concerns to Ottawa

A delegation of mortgage industry leaders went to Ottawa this month. Its mission: to educate lawmakers about the implications of the latest mortgage regulations.

The event, organized by Mortgage Professionals Canada, was its first-ever Parliament Hill Advocacy Days. In just over two days, the group participated in more than 30 meetings involving more than 100 members of parliament, senators and senior policy staff.

The association’s core message centred on the economic ramifications of the new policies that came into effect last fall and January.

Face-to-Face Progress

“Many of the MPs could describe stories from their own riding of homebuyers who were affected by these changes,” said Paul Taylor, President of Mortgage Professionals Canada. “Others were less familiar with our issues but were appreciative of us bringing them to their attention. In all cases, we were delivering messaging to support the channel, to support choice and accessibility for the Canadian consumers we all serve day to day…”

Among those who participated in the effort were familiar industry names like Boris Bozic (Merix Financial), Eddy Cocciollo (Mortgage Centre), Jared Dreyer (VERICO Dreyer Group Mortgage Brokers), Claude Girard (Laurentian Bank), Dan Putnam (CLMS), Amanda Roy-Macfarlane (AMBA), Hali Strandlund (Fisgard Asset Management), Michael Wolfe (AMBA) and Dustan Woodhouse (DLC), among others.

The group conveyed to parliamentarians the recommendations that Mortgage Professionals Canada has publicly put forward, including asking the government for a moratorium on further rule changes for the next 12-18 months, as well as revisiting its anti-competitive position on refinancing.

Boris Bozic, CEO of Merix, said one of the key concerns was the new stress test rules and the need for any changes to be applied to all mortgage types (not just insured mortgages), and all financial institutions. “If the government is truly concerned about debt levels being incurred by Canadian homeowners, the stress test should be applied equally,” he said. “This would ensure that Canadian homeowners continue to have choice, and allow Canadian borrowers to benefit from competition.”

Overall, the group was pleased with how their position was received by members of parliament and other government officials.

“Our concerns were heard and appreciated by all the MPs we met with, irrespective of party affiliation,” Bozic said. “They all committed to raising the issue with their colleagues and sharing our recommendations for slight modifications to the new rules imposed on our industry and middle-class Canadians. Time will tell if the Department of Finance will be receptive to the modifications we suggested.”

Dunning Takes on the DoF

Mortgage Professionals Canada’s chief economist Will Dunning also made a submission to the Standing Committee on Finance in which he presented his analysis of the flaws with the government’s changes and the risks they pose.

“The policies announced on October 3 will reduce housing activity and weaken the broader economy,” Dunning said. “Even in the very best of economic times, a policy that will weaken the economy should be undertaken only after thorough discussion.”

He noted that the Trump presidency raises economic risks for Canada, which he argues justifies rescinding the government’s changes to mortgage insurance. Here’s Dunning’s analysis.

The Next Steps

In an update posted on its website, Mortgage Professionals Canada outlined the expected timeline for the Standing Committee on Finance to finalize its report and recommendations for the Minister based on the testimonies it heard concerning the mortgage changes.

The report isn’t expected to be tabled and made public until at least July or August. In the meantime, the association says the industry “needs to remain active in educating MPs, officials, and the Minister of Finance on how these changes will increase interest burdens, obstruct competition and harm local economies across Canada.”

The mortgage industry has another shot at having its voice heard this Wednesday when DLC President Gary Mauris and our own Editor Robert McLister meet with Deputy Bank of Canada Governor Larry Schembri. The Bank of Canada routinely consults with the Department of Finance on housing issues and Schembri aims to better understand our industry’s perspectives on its policy changes. We’ll keep you posted on that meeting.

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How to Get a Mortgage for a Second Property

By Marci Deane • January 14, 2026
Thinking About Buying a Second Property? Here’s What to Know Buying a second property is an exciting milestone—but it’s also a big financial decision that deserves thoughtful planning. Whether you're dreaming of a vacation retreat, building a rental portfolio, or looking to support a family member with a place to live, there are plenty of reasons to consider a second home. But before you jump in, it's important to understand the strategy and steps involved. Start with “Why” The best place to begin? Clarify your motivation. Ask yourself: Why do I want to buy a second property? What role will it play in my life or finances? How does this fit into my long-term goals? Whether your focus is lifestyle, income, or legacy planning, knowing your “why” will help you make smarter decisions from the start. Talk to a Mortgage Expert Early Once you’ve nailed down your goals, the next step is to sit down with an independent mortgage professional. Why? Because buying a second property isn't quite the same as buying your first. Even if you’ve qualified before, financing a second home has unique considerations—especially when it comes to down payments, debt ratios, and how lenders assess risk. How Much Do You Need for a Down Payment? Here’s where the purpose of the property really matters: Owner-occupied or family use: You may qualify with as little as 5–10% down, depending on the property and lender. Income property: Expect to put down 20–35%, especially for short-term rentals or if it won’t be occupied by you or a family member. Your down payment amount can be one of the biggest hurdles—but with strategic planning, it’s often manageable. Ways to Fund the Down Payment If you don’t have the full amount in cash, you might be able to tap into your current home’s equity to help fund the purchase. Here are a few ways to do that: ✅ Refinance your existing mortgage to access additional funds ✅ Secure a second mortgage behind your current one ✅ Open a HELOC (Home Equity Line of Credit) ✅ Use a reverse mortgage (in certain age-qualified scenarios) ✅ Take out a new mortgage if your current home is mortgage-free These options depend on your income, credit, home value, and overall financial picture—another reason why having a pro in your corner matters. Second Property Strategy: It’s More Than Just Numbers This purchase should be part of a bigger financial plan—one that balances risk and reward. It’s about: Assessing your full financial health Maximizing your existing assets Minimizing your cost of borrowing Aligning your purchase with your long-term goals Ready to Take the Next Step? There’s no one-size-fits-all answer when it comes to buying a second property. That’s why it helps to talk things through with someone who understands both the big picture and the small details. If you’re ready to explore your options and build a plan to make that second property dream a reality, let’s connect. I’d love to help you take the next step with confidence.

What Is a Cashback Mortgage and How Does It Work?

By Marci Deane • January 7, 2026
Cashback Mortgages: Are They Worth It? Here’s What You Need to Know If you’ve been exploring mortgage options and come across the term cashback mortgage , you might be wondering what exactly it means—and whether it’s a smart move. Let’s break it down in simple terms. What Is a Cashback Mortgage? A cashback mortgage is just like a regular mortgage—but with one extra feature: you receive a lump sum of cash when the mortgage closes . This cash is typically: A fixed amount , or A percentage of the total mortgage , usually between 1% and 7% , depending on your mortgage term and lender. The money is tax-free and paid directly to you on closing day. What Can You Use the Cashback For? There are no restrictions on how you use the funds. Here are some common uses: Covering closing costs Buying new furniture Renovations or home upgrades Paying off high-interest debt Boosting your cashflow during a tight transition Whether it’s to help you settle in or catch up financially, cashback can offer a helpful buffer— but it comes at a cost . The True Cost of a Cashback Mortgage Here’s the part many people overlook: cashback mortgages come with higher interest rates than standard mortgages. Why? Because the lender is essentially advancing you a small loan upfront—and they’re going to make that money back (and then some) through your mortgage payments. So while the upfront cash feels like a bonus, you’ll pay more in interest over time to have that convenience. Breaking Down the Numbers It’s hard to give a blanket answer about how much more you’ll pay since it depends on: Your interest rate The cashback amount The mortgage term Your payment schedule This is why it’s important to run the numbers with a mortgage professional who can help you compare this option with others based on your personal financial situation. Are You Eligible for a Cashback Mortgage? Not everyone qualifies. Cashback mortgages generally come with stricter requirements . Lenders often want to see: Excellent credit history Strong, stable income Low debt-to-income ratio If your mortgage file includes anything “outside the box”—like being self-employed or recently changing jobs—qualifying for a cashback mortgage might be tough. What If You Need to Break the Mortgage? This is one of the biggest risks with cashback mortgages. If your circumstances change and you need to break your mortgage early, you could be on the hook for: Paying back some or all of the cashback you received, and A prepayment penalty (typically the interest rate differential or 3 months’ interest—whichever is higher) That can be a very expensive combination. So if there’s even a chance you might need to sell, refinance, or move before your term is up, a cashback mortgage might not be the best fit. Should You Consider a Cashback Mortgage? Maybe—but only with eyes wide open. Cashback mortgages can be helpful in the right scenario, but they’re not free money. They’re a lending tool that benefits the lender , and the key is knowing exactly what you’re agreeing to. Final Thoughts: Talk to an Expert First Choosing the right mortgage isn’t just about the lowest rate or the biggest perk—it’s about making a choice that fits your whole financial picture. If you’re considering a cashback mortgage, or just want to explore all your options, let’s talk. As an independent mortgage professional , I can help you weigh the pros and cons of various products, so you can make a confident, informed decision. Have questions? I’d be happy to help—reach out anytime.

Getting a Mortgage Shouldn’t Be Stressful—We Can Help

By Marci Deane • December 31, 2025
Buying a Home? Follow These 6 Key Steps for a Smooth Experience Buying a home is likely one of the biggest financial decisions you’ll ever make. It’s exciting—but it can also be overwhelming, especially when it comes to understanding how mortgage financing works. To help make the process smoother (and far less stressful), here are six essential steps every homebuyer should follow: 1. Start With a Mortgage Professional—Not MLS It’s tempting to start your home search by scrolling through listings and booking showings—but the real first step should be speaking with an independent mortgage professional . Unlike a bank that offers only one set of products, an independent mortgage expert has access to multiple lenders and options . That means better advice, better rates, and a better chance of finding a mortgage that truly fits your needs. 2. Build a Personalized Mortgage Plan Unless you’re buying your home with cash, you’ll need a solid financing strategy. That means: Reviewing your credit score Running affordability calculations Exploring different mortgage types, terms, and features Understanding down payments and closing costs The sooner you start planning, the more confident you’ll feel. Don’t wait until you’ve found the “perfect” property— get ahead of the process now . 3. Figure Out What You Can Actually Afford What a lender says you can borrow doesn’t always match what you can comfortably pay each month. Take a close look at your budget, lifestyle, and spending habits. Think about how your mortgage payments, property taxes, utilities, and other costs will fit into your everyday cash flow. Avoid the stress of being house-poor by knowing your real-life affordability , not just your paper pre-approval. 4. Get Pre-Approved the Right Way A true mortgage pre-approval isn’t just entering numbers into an online calculator. It means: Completing a mortgage application Submitting all your required documentation Having a mortgage professional fully assess your file When you’re officially pre-approved, you’ll shop for homes with confidence , knowing what you qualify for and that you’re financially ready. 5. Submit Your Documents Promptly and Stay Flexible Once you find a property and your offer is accepted, time is of the essence. That’s when all the upfront work you’ve done really pays off. Be ready to: Provide additional documentation if requested Respond to your mortgage professional quickly Stay flexible and proactive throughout the approval process Your lender needs to verify everything before finalizing the loan, so staying organized is key. 6. Don’t Make Big Financial Changes Before Closing Once you’ve secured financing and waived your conditions, freeze your finances until after you get the keys. Seriously—don’t: Change jobs Apply for new credit Take out a loan Make a large withdrawal Even small changes can throw off your approval. Keep everything status quo until you officially take possession. Recap: 6 Steps to a Smooth Home Purchase Connect with an independent mortgage professional Create a mortgage plan early Know what you can afford (not just what you qualify for) Get fully pre-approved Stay on top of documentation Avoid major financial changes before possession Ready to Buy with Confidence? If you’re thinking about buying a home—or just want to know what’s possible—let’s talk. I’ll help you map out a personalized plan that makes your homebuying journey feel simple, strategic, and stress-free. Reach out anytime. I’d love to help you get started.