In late November Gaby Ramer and I attended the Mortgage Professionals Canada National Conference in Niagara Falls.
The most important part of the conference is networking with fellow brokers, lenders and other industry partners (appraisal, legal, technology, marketing). The mortgage business is all about relationships, the better we know our partners the easier the mortgage process becomes.
During the two day conference there were many panels and speakers all discussing the upcoming OSFI rule changes on January 1, 2018. It was widely agreed that the end borrower will be impacted with fewer borrowing options and higher rates. It is expected that about 20% of current borrowers will not qualify under the current rules, which will force them to private lenders or continue to renting. The current government claims to champion the middle class, but these rules will directly impact them, not the top or bottom 20%.
The Keynote speaker was former Prime Minister Stephen Harper, based on the current government’s rule changes to both mortgages and small business he received a very warm reception. It doesn’t matter your political leaning, its always an honour to meet one of the 22 people who have lead our great country. I would like to thank Scotiabank for setting up a private meet and greet before the event.
Shawn Stillman, CPA, CA
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