Mike Hammond, Mortgage Intelligence
559 Pembroke St. W. K8A5P2 Pembroke, ON, Canada

I think there’s a great opportunity for brokers to do what they do best get out there and help people. I don’t see that changing.

Our Top Takeaways From the 2021 Federal Budget The 724-page Federal Budget is now officially public. This substantial document appropriately focuses on Canada’s COVID pandemic recovery, and an announced $10 a day daycare plan will likely receive the majority of media coverage in the coming days. There will be a continuation of COVID supports for individuals and businesses for as long as is deemed necessary. In her remarks today, Deputy Prime Minister and Finance Minister Chr...ystia Freeland reiterated the government’s commitment to support the middle class and those working hard to become part of it. Mortgage Professionals Canada is the national association representing Canada's mortgage industry, and our recommendations to government ahead of the budget were to work to address increasing home prices through a focus on new housing supply and to create policy frameworks that attempt to promote would-be owner occupiers of homes over speculative purchasers. The budget included modest provisions to address both points. Firstly, the government will invest $2.5 billion over seven years into numerous housing initiatives, to be distributed through CMHC, and will reallocate $1.3 billion in existing funding to speed up the construction, repair, or support of 35,000 affordable housing units. The comments from Finance Canada can be found here. Secondly, Budget 2021 announces the government's intention to implement a national, annual 1-per-cent tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused, effective January 1, 2022. A consultation will be held in the coming months to assist government with the finer points of rules and implementation. Mortgage Professionals Canada, according to it's statement released this afternoon, has been discussing post-COVID economic measures for many months with policymakers. Our major advocacy event, MPC Hill Week, took place six weeks ago, where MPC met with over sixty parliamentarians. (MPC was recognized as being Ottawa’s busiest lobbyists for the month of February 2021.) We are confident our concerns and recommendations have been discussed between elected officials. Our continual focus has been on ensuring aspiring first-time homebuyers and the supply side issues in housing aren’t ignored in this budget and future policy discussions. They are essential to Canada’s economy. While the measures announced today that impact the housing market may be moderate responses, MPC is supportive of these initiatives and will be engaging policymakers and fellow stakeholders in the coming weeks. We will keep MPC members, (and you the public through Broker / Agents such as myself), informed throughout.

The stress test is getting harder for uninsured mortgages effective June 1, making the role of a Mortgage Broker even more valuable. Your Mortgage Broker can pr...ovide advice on how you can improve your situation so you can qualify under the stress test or offer alternative lending solutions. There has never been a better time to get professional unbiased advice!

In what should come as no surprise, the Gov't is taking a good hard look at this Covid-generated real estate boom. Expect toughening of the rules in the near future as they try to cool the red-hot market conditions. https://www.osfi-bsif.gc.ca//osfi-bs/med/Pages/b20-nr.aspx

Happy New Year to all of my clients and business associates and supporters! While we're all very hopeful for a much better 2021, we have decided that in accordance with the Ontario Gov't's provincewide shutdown that came into effect Saturday, December 26, 2020 at 12:01 a.m., the office will be closed until further notice. However, we are deemed an essential business, and will be fully operational from the home office. I look forward to dealing with you and handling your mort...gage financing needs this coming year. I can be reached through Facebook Messenger, the office number of 613-732-1198, or text or call my cell at 613-639-7322. Thank you, and please stay safe!

An interesting look to what’s ahead for 2021. https://www.firstnational.ca//residential-market-commentar

Be Safe. Be Well. Be Happy.