The Appraisal Institute of Canada (AIC) was on Parliament Hill recently to discuss the critical housing issues facing Canadians. This included a full day of meetings with members of Parliament, as housing affordability issues are top of mind for Canadians and Parliamentarians, AIC announced in a release.
AIC professional appraisers play a vital role in the real estate industry and the Canadian economy by providing independent and objective valuations that are not influenced by any other participant, the release stated. This allows those relying on their valuations to make an informed real estate decision.
“The presence of AIC professional appraisers on Parliament Hill demonstrates our commitment to working with lawmakers to find effective and sustainable solutions to the current housing affordability crisis, while also ensuring the health of the financial system and the real estate market as a whole,” interim AIC CEO Keith Lancastle said in the release. “The AIC and its members have a strong focus on consumer protection and have absolutely no vested interest in the outcomes of a transaction. Because of this, professional appraisers are uniquely placed in the real estate industry to offer expert perspectives on the current housing crisis. We look forward to the many important discussions that will take place today.”
The AIC will be reiterating the need for prudent mortgage underwriting guidelines, the need to address the housing crisis by focusing on supply initiatives, and the need to exempt mortgage renewals from the application of the stress test when moving between Federally Regulated Financial Institutions so that Canadians can obtain the most competitive interest rate possible.