OTTAWA, March 04, 2020 (GLOBE NEWSWIRE) -- The House of Commons Standing Committee on Finance presented its report, Canadian Ideas: Leveraging our Strengths, on February 28, 2020.
The Appraisal Institute of Canada (AIC) welcomes the report and is pleased to see that all of its three recommendations to the committee are contained within the report. AIC always appreciates the opportunity to make submissions and testify before the committee, most recently in February 2020. The inclusion of AIC’s recommendations to government in the report is a sign that AIC’s responsibility to protect the public in matters of real estate is leading to sound policy consideration within government.
AIC’s three recommendations to the Committee were:
- That the Office of the Superintendent of Financial Institutions exempt residential mortgage renewals from the application of the stress test under B20 Guidelines.
- That the Government of Canada work with provinces and territories to create a publicly accessible registry of beneficial ownership to help combat money laundering in real estate.
- That the Government of Canada make an immediate investment to improve the quality and availability of flood mapping across the country.
“AIC-designated appraisers are independent and unbiased and thus uniquely positioned to provide expert policy advice regarding real estate issues in Canada. We’d like to thank Committee Chair the Hon. Wayne Easter and the Committee members for the opportunity to express our views,” said AIC President Thomas Fox, AACI, P.App.
AIC’s CEO, Keith Lancastle added: “Our members’ opinions of value provide peace of mind to homeowners and investors, but also reduce the risk to housing and lending markets. Our ongoing dialogue with Ottawa policy-makers is a valued one, and will continue to yield positive results for all Canadians.”
ABOUT AIC
The Appraisal Institute of Canada (AIC) is the leading real property valuation association with over 5,500 members across Canada. Established in 1938, the AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. For more information, go to www.AICanada.ca and follow AIC on LinkedIn, Twitter, and Facebook.
MEDIA CONTACT
Paul Hébert
Appraisal Institute of Canada
Cell : 613.292.2876
E-mail: paulh@aicanada.ca