Wow.. The mortgage situation is interesting, but I can't see it being a drastic change at once, they'll have to ease into I would think.
Also that letter and those websites just make it look like realtors are afraid of changing the rules. I don't think sending out a mass letter to all realtors makes Crea look good either.
I have a real problem with this line
"It risks causing a home price correction, a drop in the net worth of Canadian households, lowered economic growth and reduced tax revenues. Consumer confidence would be damaged, labour mobility would be impeded, and unemployment would stay elevated."
I don't know, makes it seem like they know prices are out of wack and want to keep it that why, which I understand of course....
I see a correction as a good thing, it becomes a good time for people to enter the market etc..
It's just funny to me, I don't feel like many realtors are economics experts so they really shouldn't be sending a letter unless they truly understand all the ramifications of changing the mortgage rules. Not just the effect on their industry.
Heck I have an economics degree and I don't feel like I know much!
, but I skipped a lot sooo.....