Good afternoon, Mr. Chair, and esteemed members of the committee.

It's an honour to appear before you today on behalf of Mortgage Professionals Canada, also known as MPC to our friends, and I think we're all friends now.

I would like to begin by sincerely thanking all members of this committee for your time and your attention to the housing challenges our country is facing.

MPC represents over 15,000 members, including mortgage brokers, lenders, insurers and other professionals who help Canadians navigate the housing market. Our members work every day with individuals and families making one of the most important financial decisions of their lives: securing a home.

Today I will discuss our pre-budget submission and highlight both the progress made and the ongoing work required to ensure access to home ownership remains within reach for all Canadians.

Housing affordability is rightly one of the most pressing concerns for this government and for all parties represented here today. There is widespread recognition that Canada is facing a housing crisis, and this challenge has only grown more urgent in recent years, due to rising interest rates, inflation and economic pressure on households. I want to commend the federal government and members of all parties for their efforts to address these challenges, particularly the important steps introduced in budget 2024-25. These initiatives represent a significant move towards alleviating some of the pressures on Canadian homeowners and prospective buyers, and we're grateful for this action.

Housing is now a national priority, and this is due in large part to the advocacy efforts of groups like MPC and other stakeholders in the housing sector. We've worked tirelessly to ensure that the voices of Canada's mortgage professionals are heard, and we are proud to see housing issues receiving the serious attention they deserve.

Several recommendations from MPC's pre-budget submission have already been partly addressed. We very much appreciate what this represents for all homeowners across the country. For instance, we were very pleased to see the introduction of the housing accelerator fund, which aims to increase housing supply, and the elimination of the GST on new purpose-built rentals. These measures are critical to addressing housing affordability.

Moreover, the increase in the ceiling for insured mortgages from $1 million to $1.5 million is a crucial step forward. This adjustment reflects today's housing market realities, particularly in cities like Toronto and Vancouver, where housing prices are significantly higher.

We also welcome the easing of rules around 30-year amortization periods, which provides buyers with greater flexibility and lower monthly payments. This is especially beneficial for first-time buyers and younger Canadians who are trying to enter the market.

Additionally, we are encouraged by the government regulator's decision to relax stress test rules at mortgage renewal.

These actions represent significant progress, and we commend the government for implementing these changes. However, there are still critical areas that need further attention. Two important issues remain unresolved, and I'd like to highlight them now.

The first is the urgent need for a digital income verification tool.

Currently, mortgage applicants must provide income verification through outdated manual methods, which are both time-consuming and susceptible to fraud. A secure digital tool provided by the CRA would allow trusted third parties in the mortgage industry to instantly verify income, would reduce fraud and would improve efficiency for homebuyers and lenders alike. This tool is essential for protecting the integrity of our mortgage system and for enhancing consumer confidence.

The second unresolved issue is the establishment of a permanent housing round table.

This round table would bring together all levels of government, industry leaders and civil society to engage in ongoing dialogue and develop long-term solutions to the housing affordability crisis. While provincial and municipal governments have made commendable efforts to address housing barriers, a coordinated federal effort is still needed. A permanent forum for collaboration would ensure that Canada's housing challenges are addressed holistically and would demonstrate the government's continued commitment to solving this crisis.

At MPC, we strongly believe in the importance of ensuring access to home ownership for all Canadians. Home ownership is a cornerstone of financial stability and is vital for building strong, resilient communities across the country. Unfortunately, for many Canadians, home ownership is becoming increasingly difficult to attain. The rising cost of housing, stagnant wages and higher borrowing costs present significant barriers for first-time homebuyers in particular. Extending the amortization period for insured mortgages to 30 years, as has been done, and increasing the insured mortgage ceiling to $1.5 million are important steps. We must continue working to make home ownership a reality for more Canadians.

We also urge the government to combine the home buyers' plan with a first-time home savings account. This would simplify the process for first-time buyers and allow them to better manage their savings for a down payment, giving them a clearer path to home ownership.

In conclusion, while we acknowledge the progress made by the government so far, there is still more work to be done to address the housing affordability crisis in Canada. These initiatives are particularly crucial to ensuring that more Canadians, particularly younger generations, can achieve that dream of home ownership.

Thank you so much. I look forward to your questions.