The Industry Reacts to the Federal Election .

This recent Federal Election had plot twists, compelling characters and surprise endings that would make a novelist envious. But, as is often the case, truth is stranger than fiction.

With a Conservative Majority, a shrinking Liberal presence, and the NDP becoming almost the singular voice for an entire province, what are the implications for the Canadian landscape- both in business practice, and in daily life?

Read More Regardless of your political colours, such upset in the political status quo will, at the very least, start conversation. has spoken to various members of the industry to get their reactions to what has happened, and how it will impact the country, the economy and the Real Estate and Mortgage sectors.

Robert Morrow, Editor, and Sales rep, Chase Realty Inc, Brokerage sees possible change coming for Flaherty’s mortgage restrictions; "With no one really restricting them, there is the possibility Flaherty may loosen the strings of financing for home buyers. The Conservatives were the ones to open up mortgage qualification but were forced by the opposition to tighten the purses--touting that we didn't want to have the same experiences as the US.”

“Without Liberals pushing for restrictions, we could see the rules for qualifying either stay where they are or open up a bit. This will be a good thing as the people the restrictions affected were young, first time buyers who have proven to be responsible and good money handlers, and who found the restrictions irritating not helpful. The government doesn't need to be as worried about them getting into too much debt like their parents (the boomers) did; it's not in their character. Besides, young professionals make more money than ever before and, for the most part, were qualifying despite the restrictions.”

It is true as well that there is a sense of stability returning to the country- as we have a majority government for the first time in years- and that the possibility of marching off to the polls can likely be put on the back shelf until 2015 or so. There is no question though, that in business of buying and selling houses- and in securing the funds to do so, having a stable platform underneath you makes it significantly easier to move upwards. According to many in the industry, being able to steady your feet politically, means being able to ultimately bolster the bottom line as well.

B.C. Mortgage broker Tara Gibson, TAG Financial - Mortgage Alliance, welcomes the prospect of calm amidst years of political and economic turbulence; “Mr. Harper's desire to be seen as a middle of the road politician can only help stabilize the economy. The outcome also means we won't be having elections every two years, something the public is pleased with. The business sector will be happy that there is stability in the market place and hopefully this stability means an outcome of stable mortgage interest rates and a continuing of the recovery of the country thus assisting in the continued growth in the affordability in the real estate market.“

Toronto Royal LePage Realtor Michael McCann is hopeful that this apparent political stability will translate to balance in the marketplace; “A majority government sends a strong message to the housing market of stability. Buyers and sellers will be certainly more confident that our Canadian housing market will be stable. With the conservatives back in power I see that policies and programs impacting on housing will remain unchanged. My buyers and sellers are breathing a collective sigh of relief in knowing that our healthy housing market will most likely remain so.”

Larry Matthews , President/Broker, Hants Realty Limited believes that the results from the election are a good sign for the country, in terms of unity- and believes that Harper’s economist background will further Canada’s economic recovery- especially now that he has the luxury of a majority to help expedite his mandate.

He is mindful though that Canadians ultimately get to decide the direction of the country- as was displayed last night: “Canadians will judge Mr Harper and Mr Layton over the next 4 years but if anything this election shows our elected politicians that Canadian loyalty is not blind and can not be taken for granted. Personally I am pleased with the outcome hopefully separatism is a dead issue and I believe Mr Harper as an economist and with a majority will provide us with intelligent leadership and 4 years of stable government should be good for the housing market and the economy in general.”

Tuesday, 03 May 2011 13:10 Newsroom


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  • Will Pratt
  • Justin Sabbagh
  • Mike Wilcox

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