It is with great pleasure that we announce that the Chief Executive Officer of Financial Services Regulatory Authority – Ontario (FSRA) will be a guest speaker at CMBA Ontario’s Annual Conference on April 4, 2019. Mr. White will speak about the launch of FSRA and how it will regulate the mortgage brokerage industry. This your opportunity to hear directly from the industry’s new regulator and find out what will be changing in 2019 and beyond.
FSRA will be assuming the regulatory functions currently delivered by the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario. In preparation for the transition, FSRA has announced new executive leadership appointments.
The team is comprised of individuals who have extensive experience in the sectors FSRA will regulate. In its announcement letter FSRA explains that the leadership team will be “responsible for supporting innovation and growth in the regulated sectors, driving continuous improvement and efficiencies across FSRA, and championing a culture that is effective, forward-looking, collaborative, empowered and decisive”.
ICYMI: Professional Development Symposium
November 21, 2018
On Wednesday, November 21st CMBA Ontario, in partnership with Appraisal Institute of Canada- Ontario, hosted the final Professional Development Symposium of the year!
We tackled the hot topic of Cannabis Legalization and the affects on the Canadian housing market.
CMBA would like to send a special thank you to Geoff Rabideau from Rabideau Law and Dan Brewer from AIC Ontario for their presentations on the Cannabis Legalization topic.
Geoff provided eye opening information on Bill C-45, and how the industry is developing strategies to deal with the legalization. Dan continued the conversation by delving into appraiser practices surrounding the topic of privacy, and what to look for in an inspection if there are plants being grown in a home
BOC Rate Hike Update
On October 24th, the Bank of Canada announced a benchmark interest rate hike by a quarter of a percent to 1.75%.
They believe that the economic outlook remains solid, with the newly created US-Mexico-Canada Agreement in place instilling confidence in investors. In their latest policy statement, the BOC says that “the Canadian economy continues to operate close to its potential and the composition of growth is more balanced”.
Click HERE For the Full Press Coverage
Annual Conference Announcement
Meet the Speakers
The Voice – October 18, 2018
Moderator, Media Personality, Marketing Hall of Fame Legend
Delivering the 2019 Keynote Address is Tony Chapman! In a society that is consistently distracted by the screens in their hands, Tony will discuss how to side step these disruptions and get your message out to the masses. He believes that the most effective way to sell something, is to tell an attention worthy story. Through his keynote, he will take us on a journey showing us ways of how to distinguish ourselves among the masses by telling a story that speaks to your customer.
FSRA Update & CMBA Symposium Changes
FSRA New Fee Rules & Request for Comment
The Voice – October 10, 2018
FSRA Ontario is gearing up to be up and running for April 1, 2019. Being the new entity in Ontario’s Financial Regulation sector, they sought consultation in the creation of rules to be set forth for their launch.
During the month of September, CMBA and other industry members were invited to meet with FSRA for consultations on proposed Fee Rules for the mortgage industry. Our goal in these consultations were to be the voice of our members, and to provide constructive feedback on their proposed rules and licensing cycle.
FSRA has posted a Notice and Request for Comment on these proposed rules. The deadline for comment submissions is January 4th 2019. CMBA Ontario will continue to monitor the process and continue to send updates.
B-20 and It’s Effects on the Mortgage Industry
B-20 and It’s Effects on the Mortgage Industry
The Voice – October 4, 2018
Back in 2013, the B-20 rules as underwriting guidelines for residential mortgages came into effect. The rules were put in place as a direct response to the financial issues in the United States caused by “poor mortgage lending practices” (mortgagebrokernews.ca).
Now, 5 years after these rules have come into effect, Canada’s housing market is said to be facing affordability issues. It is widely believed that it is become increasingly more difficult for first time home buyers to purchase a property. To deal with the affordability issues and the stress test, some young people are borrowing from parents to help with a down payment.
FSRA Update & Upcoming Events
FSRA Fee Rule Update
The Voice – September 20, 108
On Wednesday, September 5th representatives from CMBA Ontario attended a follow up consultation session with the FSRA (Financial Services Regulatory Authority)Board of Directors.
At this meeting, CMBA Ontario provided a joint presentation providing the FSRA Board with background industry information. They will be taking this information into consideration when building the new fee structure. Click here to learn more about FSRA’s announcement on the creation of the Ad Hoc Fee Rule Industry Advisory Groups and the new Fee Rules.
CMBA Ontario will continue to have an open dialogue with issues such as this, and keep you updated.
Marketing to Millennials
Millennials: How to Target These First Time Homebuyers
The Voice – September 13, 2018
It has become a well known fact that a large cohort of first time homebuyers belong to a generation known as: Millennials.
This group has been stereotyped as being fickle, frugal, impatient, self indulgent and require instant gratification. With these traits at the centre of attention, it is understandable that many of the positive traits that they possess can actually help you tap into the millennial market. These people are also: highly educated, technology savvy, conscious & global citizens, and confident to name a few.
Their confidence comes from taking the time to research something before they purchase it– and home buying is no exception. Because they do their research, they are aware of what is happening in today’s housing market which can leave them feeling jaded.
So how do small business owners attract the attention of millennials who have the means to purchase a home, are educated in the housing market and are picky? Entrepreneur.com provides 4 suggestions on how to reach this audience: