Does Less Competition Mean Higher Mortgage Rates?

It appears the mortgage rule changes introduced in 2016 have started to have some impact on the choices Canadians have when it comes to obtaining their mortgage. The recent changes made by the federal government led to an increase in mortgage rates as well as a decrease in overall competition in the mortgage market, particularly with options and solutions that non-traditional mortgage lenders provided.

Competition in the mortgage industry is great for mortgage consumers. It provides more options as well as a more competitive rate environment that of course benefits everyone. Our national association, Mortgage Professionals Canada, is a strong supporter of the Canadian mortgage market and encourages more competition and choices that benefits all Canadians

The Bank of Canada has been supportive of polices that they believe will stabilize the risks associated with an ‘overheated' real estate market especially in large cities such as Vancouver and Toronto. However, these policies seem to have little effect on price appreciation in those markets and have led to higher mortgage financing costs for people right across the country.

As your mortgage professional, I advocate for more competition and mortgage options so that I can deliver even more choices that benefit you. My goal is to help you achieve home ownership while showing you options and products that can put thousands of dollars in your pocket.

Getting the right mortgage for you takes a lot of understanding of what is available in the market today. As the mortgage industry continues to evolve, I will always remain up-to-date with all the necessary resources to make sure you have all of the choices available to you. There are a lot of questions out there today so if you or anyone you know is looking for mortgage answers, please call or email me.



Tony Marchigiano

Mortgage Broker
310-328 West Hastings Street
Vancouver, BC





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  • Justin Sabbagh
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.