Competition Bureau Pushes for Non-Stress Tested Uninsured Switches

Also in this edition:
• What the blockbuster immigration news means for real estate
• Mortgage Bytes

Well fancy this: a government watchdog is taking underdog borrowers under its wing.

In a submission today to the Department of Finance, Canada's Competition Bureau (CB) defended unfairly treated mortgage switchers, saying it "urges policymakers to reconsider the application of the stress test at mortgage renewal for uninsured borrowers."

Doing so would "allow [borrowers] to switch lenders and benefit from competition," it explained.

What a concept. It kind of sounds like what the mortgage industry has been screaming from rooftops for 6+ years.

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