OTTAWA – Deputy Shadow Minister for Finance, Tom Kmiec, has launched a new website where Canadians can help pressure the Ottawa Liberals to study new mortgage rules, known as B-20, that were implemented earlier this year. The website is live at www.StudyB20.ca
“These new mortgage rules are punishing middle-class families, are incentivizing risky borrowing, and are making homeownership more unaffordable for Canadians.” stated Mr. Kmiec.
Mortgage Professionals Canada has estimated that 100,000 Canadians have been prevented from buying a home due to these new rules. In addition, they have said that these new rules could cost the Canadian economy 200,000 jobs by 2020.
“The Ottawa Liberals would have you believe that these new rules are about preventing risky borrowing in Canada. However, the exact opposite seems to be true. The number of mortgages issued to Canadians aged 73 to 93 increased by a shocking 63 per cent in the first quarter of 2018, presumably due to older Canadians signing off on the mortgage loans of their younger family members.”
In May, MP Kmiec tabled two motions asking the Ottawa Liberals to study the effects that their mortgage changes are having on Canadians. Twice, Liberal MPs voted against a study. By visiting www.StudyB20.ca Canadians can help push the Ottawa Liberals to agree to study these new mortgage rules when MP Kmiec raises the matter again at Parliament’s finance committee.
For more information, please contact:
Office of Tom Kmiec, MP (Ottawa)
Office of Tom Kmiec, MP (Calgary)