Quote:
Originally Posted by Red
The government (taxpayers) insure these mortgages so I think he has the right to interfere.
My take is that if you are against government interference then I hope you didn't take the CHMC insurance.
And they wouldn't be able to offer you these low interest rates if the government didn't guarantee them so again, it's a two way highway.
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You know what, I don't agree that he has any right to try to set prices to begin with, the government being involved in an industry in any way doesn't by extension give them the right to set prices (we pay healthcare costs for gunshot victims but politicians don't call sporting good chains when 12 gauge prices dip), but that's not the main point to me.
If the government wants to influence mortgage rates, they do it like any large organization should, professionally and systematically, and sit down with the banks as a group and make the message clear, not call the banks who are lowering rates one by one, personally.
And I have to say that it all just seems hypocritical to me when the particular political party making said calls has sold itself as pro small government, and rah rah free market, plus the Bank of Canada itself hasn't raised rates in a ridiculous length of time.
Also - re: said mortgage rate, cheers to the advisor extending offer for help.