As announced on March 10, 2021 by the Financial Services Regulatory Authority of Ontario (FSRAO), the transfer of regulatory oversight of certain Syndicated Mortgage Investments (SMIs) from FSRAO to the Ontario Securities Commission (OSC) occurred on July 1, 2021.
 
For information on FSRAO’s oversight as of July 1, 2021, please visit: https://www.fsrao.ca/industry/mortgage-brokering/regulatory-framework/guidance/supervision-approach-non-qualified-syndicated-mortgage-investments-permitted-clients-and-legacy-non-qualified-syndicated-mortgage-investments-july-1-2021?utm_source=mc&utm_medium=email&utm_campaign=smireminder
 
You can contact FSRAO at  if you have further questions.

On January 12, 2023 OSFI launched public consultation on guideline B-20: Residential Mortgage Underwriting Practices and Procedures.

A reminder that stakeholders are invited to make a submission before the closing date of April 14, 2023.

AIC will be making a submission. AIC Members are asked to provide feedback or comments at  by April 10, 2023.

Guideline B-20 including the following five principles:

Principle 1: Comprehensive Residential Mortgage Underwriting Policy (RMUP)
Principle 2: Due diligence regarding borrower identity, background and willingness to service debt obligations
Principle 3: Assessment of borrower capacity to service debt obligations on a timely basis
Principle 4: Sound collateral management and appraisal processes
Principle 5: Effective credit and counterparty risk management practices and procedures

Read more: https://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/b2020230112-nr.aspx

On June 28, 2022, the Office of the Superintendent of Financial Institutions Canada released a new Advisory (Clarification on the Treatment of Innovative Real Estate Secured Lending Products under Guideline B-20).

The Advisory, which complements existing expectations under Guideline B-20, articulates OSFI’s expectations regarding underwriting practices and procedures for reverse residential mortgages, residential mortgages with shared equity features and combined loan plans.

Essentially, on Combined Loan Plans, “OSFI expects that any and all lending above the 65 percent LTV limit, which cannot exceed 80 percent LTV, will be both amortizing and non-readvanceable.”
As for mortgages with shared equity, “FRFIs may supply financing for uninsured mortgages with shared equity features, as long as the mortgage provided by the FRFI is in the first lien position and the equity investment provider’s contribution is a bona fide equity investment (i.e., not a loan, and on terms that are pari passu with the borrower’s equity).”

Finally, for reverse mortgages, “OSFI expects FRFIs to demonstrate heightened due diligence in respect of collateral management, property appraisal and longevity risk.”

As shared in its Annual Risk Outlook (2022-23), OSFI is taking action to ensure that federally regulated financial institutions are well prepared to address the risk of persistent, outstanding consumer debt that can make lenders more vulnerable to negative economic shocks.

In April 2022, the Office of the Superintendent of Financial Institutions released its 2022-2023 risk report to outline what it sees as top risks facing financial institutions.

The list included risks associated with the housing market, climate change and the commercial market.

The report can be viewed here: https://www.osfi-bsif.gc.ca/Documents/WET5/ARO/eng/2022/aro.html

The risks related to the housing market were as stated by OSFI: “Recent supervisory reviews identified several common issues around underwriting, specifically income verification in areas that have been raised as being problematic in the past including business for self, rentals, exceptions to income sustainability as well as collateral management.
We are also looking at the application of Guideline B-20 to other mortgage products such as reverse mortgages, mortgages with shared equity, and combined loans plans (CLPs) as these products have become more prevalent.”

The AIC will continue to engage OSFI and provide feedback as necessary.

On April 8, 2021, the Office of the Superintendent of Financial Institutions (OSFI) launched consultations on a new mortgage stress test and reiterated the importance of sound collateral management in mortgage underwriting. OSFI sought feedback from stakeholders with a deadline of May 7, 2021.

The AIC made a submission which can be viewed here (attached).

On May 20, 2021, OSFI announced it was moving forward with the proposed revised stress test for uninsured mortgages (i.e., those with a down payment of greater than 20 percent). Finance Canada also announced it will be applying the same to insured mortgages.

Essentially, it meant that as of June 1, 2021, the qualifying rate for uninsured and insured mortgages at Federally Regulated Financial Institutions went from the greater of the mortgage contractual rate plus 2% or the Bank of Canada five-year benchmark rate (which as at 4.79%) to a fixed floor which is the greater than the mortgage contractual rate plus 2% or 5.25%. More information can be found here: https://www.osfi-bsif.gc.ca/eng/osfi-bsif/med/Pages/b20nr-0521.aspx?utm_source=Twitter&utm_medium=smo&utm_campaign=b20&utm_content=nr

AIC Advocacy in Action

In this edition of Advocacy in Action, our spotlight is on the Federal Government’s 2024 Budget: Fairness for Every Generation, which was released in full on April 16, 2024. The AIC was pleased to once again be invited to the 2024 Budget Pre-Release Lock-Up as a key stakeholder, where we had the chance to examine the many measures that will be of interest to AIC Membership, especially as they relate to housing and affordability.

The 2024 Budget outlined the government’s housing plan in greater detail, which included measures to speed up the pace of home-building, bolster supply, unlock federal lands and office buildings for houses, and restore affordability. The full plan can be read here: Solving the Housing Crisis.

The AIC views these combined measures as a significant step towards addressing the housing crisis and ensuring that every Canadian has access to safe and affordable housing.

Key highlights include:

• Introduction of the Building Homes on Public Lands Plan, which aims to unlock 250,000 new homes by 2031 by converting public lands to housing, including leasing the land. This will entail a full review of the entire portfolio of federally-owned land and properties to identify sites where new homes can be built.
• Converting Underused Federal Offices into Homes: A $1.1 billion investment over 10 years will repurpose underused Public Services and Procurement Canada’s (PSPC) office spaces into housing, ultimately reducing PSPC’s office portfolio by 50%.
• Government consultations on introducing a tax on vacant land under residential zoning.
• Introduction of a new Canada Secondary Suite Loan Program, delivered by CMHC, which will offer low-cost financing to add additional suites to existing properties.
• Providing an additional $15 billion to the Apartment Construction Loan program.
• Introduction of 30-year amortization for first-time home buyers purchasing new homes, with monitoring of housing inflation and supply conditions to explore expanding access more broadly.
• Modernizing housing data: An investment of $20 million is bookmarked for StatsCan and CMHC to modernize and enhance the collection and dissemination of housing data, including municipal-level data on housing starts and completions.

The AIC is pleased that many of these measures reflect our ongoing advocacy efforts over the past years, including that the government focus on: cutting approval timelines, working with provinces and municipalities to improve their zoning and permitting processes, working with stakeholders to develop a Canadian industrial strategy for home building, addressing material, cost, and supply chain issues, making investments to attract young people to the skilled trades, and pushing provinces to expedite the removal of barriers to foreign credential recognition with a focus on residential construction skills.

The AIC is optimistic about the future of the housing market and will advocate tirelessly for the inclusion of Professional Appraisers (P. App.) in the implementation of these various measures. By working together, we can build a stronger, more resilient housing sector that meets the needs of all Canadians.

AIC leadership will continue to engage with Federal Ministers, Members of Parliament, and officials throughout 2024 as we continue to build relationships with key stakeholders in this public policy space. We will also continue to focus our advocacy efforts with a refined strategic approach that aligns with our overarching goal of advancing our Members, our profession, and our organization.

For more information about our ongoing advocacy efforts, please visit AICanada.ca or follow us on Facebook, Twitter, LinkedIn, and Instagram.

On Monday February 26, 2024, the Standing Committee on Finance presented its report to the House of Commons on Pre-Budget Consultations in Advance of the 2024 Budget, titled Shaping our Economic Future: Canadian Priorities.

The AIC submitted its pre-budget consultation to the Finance Committee in August 2023, and we are pleased to see many of our priorities adopted as formal recommendations, including the recommendation that the stress test on mortgage transfers, switches, and renewals for mortgage holders in good standing be eliminated to help Canadians find the financing solutions that best fit their needs and budget.

The AIC has long advocated for the removal of the mortgage stress test upon mortgage renewal so that Canadians can obtain the best possible interest rate, and we hope that the federal government acts on this recommendation from the Finance Committee.

Other AIC priorities that were officially recommended by the Finance Committee include the following:

• Incentivize innovation to bring down costs of building homes and focus on measures and incentives to stimulate Canada’s housing supply.
• Avoid adding costs through codes and regulations by streamlining approvals for local government, and increase capacity of approval bodies.
• Build, implement and maintain a comprehensive single pan‐Canadian beneficial ownership registry
• Collaborate with provinces and territories to enable programs for enhancing skills and reskilling to meet labour.
• Champion the implementation of mutual recognition to remove inter-provincial trade barriers and establish a public registry to raise awareness of barriers to inter‐provincial trade and to encourage governments to justify or eliminate them.
• Pursue greater policy coordination through a forum for relevant stakeholders, including federal, provincial, and municipal officials responsible for housing, infrastructure and immigration, as well as representatives of the construction industry and advocacy groups, to correct supply‐demand imbalances generating the housing affordability crisis.

The AIC looks forward to some of these initiatives being announced in the 2024 Federal Budget in the next few months and we will continue to advocate on issues of importance to AIC Members.

Read the full report here: https://www.ourcommons.ca/DocumentViewer/en/44-1/FINA/report-16/

OSFI launched consultations in July on “proposed changes to the Capital Adequacy Requirements (CAR) Guideline and the Mortgage Insurer Capital Adequacy Test (MICAT)”. See link here: https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/20230711-let.aspx

AIC is pleased to have submitted recommendations for the consultation, centered on Loan-to-Value (LTV) ratio being based on a professional appraisal as well as further tackling fraud awareness and protection by cautioning on the use of Automated Valuation Methods (AVM’s).

The full submission can be read here: OSFI Submission

In June 2023, the House of Commons Standing Committee on Finance invited individuals and organizations to submit their comments for the 2024 Pre-Budget consultation process.

The AIC was pleased to submit recommendations reiterating the need for prudent mortgage underwriting guidelines, the need to address the housing crisis by focusing on supply initiatives, and exempting mortgage renewals from the application of the stress test when moving between Federally Regulated Financial Institutions so that Canadians can obtain the most competitive rate possible.

The full submission can be read here: Pre-Budget Submission

• Given financial pressures (higher interest rates, borrowing costs) and the overall decline in housing prices, homeowner equity has reduced significantly, and the share of households affected by higher interest rates and inability to service their debts will continue to rise over the next few years.
• Canadian banks maintain a high share of uninsured mortgages (a 20% down-payment is required to avoid mortgage insurance) on their balance sheets. House price declines over the past year have reduced this equity buffer. A severe recession with significant unemployment could further depress house prices and increase defaults among households. If defaults were to rise on uninsured mortgages with negative equity, banks could face credit losses.

• Households are taking on larger mortgages with lengthier amortization periods. The use of variable-rate mortgages has also increased.
  • The share of new mortgages with an amortization period longer than 25 years increased from 41% to 46% over 2022. In 2019, this share was 34%.
• Debt service ratios (DSRs) for recent homebuyers have increased significantly.
  • The median DSR on new mortgages rose from 16% to more than 19% over 2022, and the share of new mortgages with a DSR of more than 25% increased from 12% to 29% during the same period.

• Higher interest rates have contributed to declines in house prices across most regions of Canada over the past year.
• Borrowers, lenders and regulators all have a role to play in maintaining financial system stability.

• Borrowers should plan for the possibility of higher payments when their mortgage is renewed.
• Lenders should continue to apply sound underwriting practices, provision adequately for credit losses and conduct regular stress tests of their balance sheets.
• Regulators should continue to develop and apply sound policies to reduce systemic risk in the mortgage market. The mortgage stress test—aimed in part at ensuring that borrowers have room in their budget to absorb an increase in interest rates—has proven its worth over the past year.

Highlights – Climate Change

• Climate change poses both physical and transition risks to the financial sector.
  • Information about firms’ and financial institutions’ exposure to these risks remains insufficient. As a result, assets exposed to climate change may be mispriced.
• Progress on improving the measurement and disclosure of climate-related financial risks is ongoing. This progress will increase the likelihood that these risks are accurately reflected in pricing and better reflected in risk management frameworks.

• Data and consistent methodologies are a significant hurdle to evaluating climate-related financial risks. The Bank of Canada is working to close these gaps:
  • Conducting two analytical projects, in partnership with the Office of the Superintendent of Financial Institutions (OSFI) and selected financial institutions, examining:
    • flood risk and its impact on the banking sector’s portfolios of residential mortgages
    • climate transition risk and its implications for the Canadian financial system
    • The Bank of Canada is also working with OSFI and the Canada Deposit Insurance Corporation to draft requirements for regulatory reporting that will address data gaps around physical and transition risks.

• $19.5 million available, maximum $130,000 per project available over 3 years
• First round of applications accepted from June 1, 2023 to June 30, 2023.
• Second round of applications accepted from November 1, 2023 to January 31, 2024.
• The completion of a Building Condition Assessment, an energy audit and an energy modelling study are 3 key activities needed for successful deep energy retrofit planning, and will inform applicants if they are eligible for Retrofit Funding.
• Other eligible activities include project drawings and specifications, construction cost estimates and site surveys to name a few.

• $1.1 billion in forgivable and low-interest repayable loans, available over 4 years
• CMHC will fund 100% of eligible retrofit costs, up to $170,000 per unit. Forgivable loans will be the lesser of $85,000 per unit or 80% of eligible retrofit costs
• First round of applications accepted from June 1, 2023 to July 31, 2023.
• Second round of applications accepted from September 15, 2023 to December 15, 2023.
• Aimed at projects that target 70% reduction in energy consumption relative to pre-retrofit performance and 80% reduction in greenhouse gas (GHG) emission relative to pre-retrofit performance
• This funding requires completion of pre-retrofit activities, including Building Condition Assessment reports.

Canada Mortgage and Housing Corporation recently released findings related to household debt in Canada. “Exploring the Impacts of Household Debt on Canada’s Economy” can be read here.

• The proportion of investors among owners varied from 20.2% in Ontario to 31.5% in Nova Scotia.
• Among houses and condominium apartments, just under 1 in 5 properties was used as an investment in British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined.
• Condominium apartments were used as an investment more often than houses. Ontario topped the list with the highest rate of condominium apartments used as an investment, at 41.9%.

• Daily article
• CODR table including the distribution of replacement values according to condition assessment rating, by province and territory
• Microdata from Canada’s Core Public Infrastructure Survey, 2020, available upon request (excluding the province of Quebec)

The federal government tabled its 2023 Budget on March 28, 2023. It can be viewed HERE.

We were pleased to have been invited to attend a pre-reading of the budget before it was officially made available to the public and media.

Similar to last year, many in Canada were anxiously waiting for it given the current economic challenges (inflation, interest rates, geopolitics).

While the 270-page document requires some follow up and clarification, here are a few items that caught our attention that may be of interest to AIC Members:

• Through the Financial Consumer Agency of Canada, publishing a guideline to protect Canadians with mortgages who are facing exceptional circumstances. Specifically, ensure that federally regulated financial institutions provide Canadians with fair and equitable access to relief measures that are appropriate for the circumstances they are facing, including by extending amortizations, adjusting payment schedules, or authorizing lump-sum payments. Existing mortgage regulations may also allow lenders to provide a temporary mortgage amortization extension—even past 25 years.

• Provide $15.3 million over three years, starting in 2023-24, to Public Safety Canada to create a publicly accessible online portal where Canadians can access information on their exposure to flooding. Reflects AIC recommendation over the last many years.

• Implement a publicly accessible beneficial ownership registry through Bill C-42. Reflects AIC recommendation over the last many years.

• Financial institutions will be able to start offering the Tax-Free First Home Savings Account to Canadians as of April 1, 2023.

• Intention to support the reallocation of funding from the National Housing Co-Investment Fund’s repair stream to its new construction stream, as needed, to boost the construction of new affordable homes for the Canadians who need them most.

• Commit an additional $4 billion, over seven years, starting in 2024-25, to implement a co-developed Urban, Rural, and Northern Indigenous Housing Strategy.

• Consult on changes required to remove regulatory barriers for homebuyers from diverse communities seeking access to alternative financing products.

• On predatory lending: changes to the Criminal Code to lower the criminal rate of interest from the equivalent of 47 per cent APR to 35 per cent APR, and to launch consultations on whether the criminal rate of interest should be further reduced.

We will follow up and provide feedback to the federal government on these different measures as they get implemented.

In June 2022, the House of Commons Standing Committee on Finance invited individuals and organizations to submit their comments for the 2023 Pre-Budget consultation process. The AIC submitted its paper on September 29, 2022, and a copy can be found here:
https://www.aicanada.ca/wp-content/uploads/AIC-Finance-Committee-Pre-Budget-Submission-2023.pdf

The AIC reiterated the need for prudent mortgage underwriting guidelines that include the verification of the collateral being used to secure a loan, the need to focus on housing supply by quickly implementing the Housing Accelerator Fund and the urgency of updating flood maps.

The federal government tabled its 2022 Budget on April 7, 2022. It can be viewed here: https://budget.gc.ca/2022/home-accueil-en.html
 
While every federal budget attracts significant attention, this one is of particular interest given the mounting economic challenges (inflation, interest rates, COVID uncertainty, geopolitics) and the growing issue that is housing affordability. While the 304-page document requires some follow up and clarification, here are a few housing-related commitments that caught our attention – some that the AIC was asking the government to implement:

In line with AIC recommendations:

• Government’s intention to create flexibility within federal infrastructure programs to tie access to infrastructure funding to actions by provinces, territories, and municipalities to increase housing supply where it makes sense to do so.
• Introducing a Multigenerational Home Renovation Tax Credit, which provides up to $7,500 for constructing a secondary suite.
• Provide $4 billion over five years, starting in 2022-23, to the Canada Mortgage and Housing Corporation to launch a new Housing Accelerator Fund to focus on housing supply.
• The government is accelerating by two years its commitment to amend the Canada Business Corporations Act to implement a public and searchable beneficial ownership registry.

Other commitments:

• Doubling the First Time Home Buyers’ Tax Credit from $750 to $1,500
• $475 million in 2022-23 to provide a one-time, $500 payment to those facing housing affordability challenges.
• Provide $1.5 billion over two years, starting in 2022-23, to the Canada Mortgage and Housing Corporation to extend the Rapid Housing Initiative.
• Introduce the Tax-Free First Home Savings Account that would give prospective first-time home buyers the ability to save up to $40,000 (tax-deductible, and withdrawals to purchase a first home would be non-taxable).
• An extension of the First-Time Home Buyer Incentive to March 31, 2025, with the government exploring options to make the program more flexible and responsive.
• The Minister of Housing and Diversity and Inclusion will engage provinces and territories over the next year to develop and implement a Home Buyers’ Bill of Rights and bring forward a national plan to end blind bidding. Among other things, the Home Buyers Bill of Rights could also include ensuring a legal right to a home inspection and ensuring transparency on the history of sales prices on title searches.
• Announcement of the government’s intention to propose restrictions that would prohibit foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada for two years.
• Proposal to introduce new rules to ensure profits from flipping properties are taxed fully and fairly. Specifically, any person who sells a property they have held for less than 12 months would be considered to be flipping properties and would be subject to full taxation on their profits as business income.
• Announcement the government intends to extend anti-money laundering and anti-terrorist financing requirements to all businesses conducting mortgage lending in Canada within the next year.

We will follow up and provide feedback to the federal government on these different measures as they get implemented.

Prior to the federal budget being tabled, the House of Commons Finance Committee released their 2022 Pre-Budget report for the House of Commons and Finance Canada’s consideration and can be read here: https://lnkd.in/gucxbGHq

Pleased to see one of AIC’s recommendations around using infrastructure agreements between the federal government and provincial governments to encourage housing supply is reflected in the report (recommendation 199).

We are also pleased to see language around climate risks and the need to adapt given our past recommendations around updating flood maps across the country.

AIC pre-budget submission to the Finance Committee can be read here: https://lnkd.in/gaNHEVzQ

Prior to the federal budget being tabled, the Finance Minister launched Pre-Budget Consultations in January 2022. Click here to view the AIC submission.

The AIC recommendations include the following:

1. Address the Housing Crisis by requiring infrastructure grants to go to areas that expedite and promote sound development practices, such as near transit stations
i. Rapidly deploy the new Housing Accelerator Fund
2. Continue to Apply Prudent Underwriting Guidelines
i. Caution on the over-reliance on Automated Valuation Models
3. Complete improvement of the quality of terrain data, such as flood maps
4. Ensure the proposed Underused Housing Tax is based on appropriate property valuation

n June 2021, and before the federal elections being called, the House of Commons Standing Committee on Finance invited individuals and organizations to submit their comments for the 2022 Pre-Budget consultation process. The AIC submitted its paper on August 6, 2021, and a copy can be found here (attached).

The AIC reiterated the need for prudent mortgage underwriting guidelines that include the verification of the collateral being used to secure a loan, the inherent risks of using Automated Valuation Models and the need to focus on housing supply policies to address housing affordability issues.

If you have any questions for the AIC Advocacy team, please email us at 

The federal government tabled its 2021 Budget on April 19, 2021. It can be viewed here: https://www.budget.gc.ca/2021/pdf/budget-2021-en.pdf

This was a historic one as the Minister of Finance, Chrystia Freeland, was the first woman in Canada’s history to deliver a budget in the House of Commons.

While the 700+ pages document requires some follow up and clarification, here are a few commitments that were noticeable to the real estate industry:

• An annual 1% tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused, effective January 1, 2022.
• In addition to up to $5,000 grants announced in last Fall’s Economic Statement that will be delivered via Natural Resources Canada, provide $4.4 billion to CMHC to help homeowners complete home retrofits through interest-free loans worth up to $40,000. Loans would be available to homeowners and landlords who undertake retrofits identified through an authorized EnerGuide energy assessment. Pre and post-appraisals can be beneficial for many consumers who may be taking advantage of these programs.
• $63.8 million over three years to Natural Resources Canada, Environment and Climate Change Canada, and Public Safety Canada to work with provinces and territories to complete flood maps for higher-risk areas. The need for updated flood maps in Canada was one of AIC’s pre-pandemic recommendations as appraisers can help identify these risks to their clients with the proper data and we are encouraged to see that the federal government has committed funding towards this initiative.  
• Additional funding for affordable housing such as $1.5 billion for the rapid Housing Initiative, $600 million to renew and expand the Affordable Housing Innovation Fund and $315.4 million over seven years to increase payments through the Canada Housing Benefit.

Many were of the mind that the budget was going to have measures to address the overheated residential market, however, at first glance, it seems that the federal government has decided not to weigh in in any significant way – for the time being.

We will follow up and provide feedback on these different measures as they get implemented.

The Federal Finance Minister launched Pre-Budget Consultations in January 2021. We asked Members to provide their comments to us via the February 2021 communique as we prepared our submission. Click here to view the submission.

The Federal Finance Minister launched Pre-Budget Consultations in January 2021. We asked Members to provide their comments to us via the February 2021 communique as we prepared our submission. Click here to view the submission.

For any questions or comments, please don’t hesitate to contact us at 

While the AIC Advocacy Committee was meeting with federal government officials in late October and into the new year, efforts to engage industry stakeholders continued throughout the fall to ensure open communication and collaboration.

• September 2022: AIC President Suzanne de Jong AACI, P.App along with AIC Staff attended the Mortgage Professionals Conference. Many of the real estate industry’s largest firms attend this event which was back in person after a few years’ hiatus.
• October 2022: AIC President-Elect Claudio Polito AACI, P.App along with AIC Staff attended the Canadian Real Estate Association Political Action Committee Days in Ottawa. Many informal discussions were had with real estate industry representatives as well as elected officials.
• November 2022: A meeting was held with the new President and CEO of the Canadian Credit Union Association. AIC Members provide their services daily to many Credit Unions across the country.
• November 2022: In-person meetings were held with many of Canada’s largest banks. These meetings allowed for open and frank discussions about current issues, updates, and solutions moving forward.
• January 2023: AIC President Suzanne de Jong, AACI, P. App., and President-Elect Claudio Polito (along with AIC Staff) held in-person, individual meetings with Appraisal Management Companies and Mortgage Insurers.

Appraisals in a New Market with Dan Brewer
(AACI, P. App., Fellow)

(Watch it here)

Listen here on Spotify or Podbean 

Members may recall that from November 25 to December 3, 2021, the Appraisal Institute of Canada’s Advocacy Committee, as well as Members of the AIC’s Executive and Communications Committees, met with nearly 20 Members of Parliament (MP) as part of the AIC’s Virtual Parliament Hill Days. While in previous years these meetings occurred in person in Ottawa, the latest iteration occurred virtually due to the ongoing uncertainties around the COVID-19 pandemic.

Following those meetings, the AIC Leadership continued to engage with Federal Members of Parliament and officials. Here is a list of meetings that have occurred since the Virtual Hill Days:

• Finance Committee Member, Yvan Baker
• Office of Member of Parliament, Michelle Rempel
• Senior Finance Canada Department Officials
• CMHC Senior Officials
• Finance Committee Member and NDP Finance Critic, Daniel Blaikie
• Prime Minister’s Advisor on Housing
• Finance Committee Member and Conservative Associate Shadow Minister of Finance and Housing Inflation
• Parliamentary Secretary to the Minister of Housing and Diversity and Inclusion (Housing), Soraya Martinez Ferrada

AIC is continuing its efforts to get in front of federal legislators to ensure appraisers are included in discussions related to real estate as well as to create relationships that could be beneficial for AIC Members and the protection of the public.

The new OSFI Canada Superintendent – Peter Routledge met with AIC President André Pouliot and AIC CEO Keith Lancastle in October. There was a lot of open and frank discussion about the housing market and the important role of appraisers. Both the AIC and OSFI agreed to keep the lines of communication open and discuss matters of mutual interest.

Looking forward to the continued collaboration between these two agencies.

With the federal election campaign well underway, we have launched a digital grassroots campaign to ensure that appraisers are continuously consulted when housing policies and decisions are made.

On the Members’ portal of the Aicanada.ca website, you will find a digital advocacy tool that will let you send a template letter to your local federal election candidates. All you need to do is fill out your address and name, and click send – the personalized letter will automatically be sent to your candidates.

By participating in this campaign, we can ensure that all future Members of Parliament know the importance of the AIC Designated Appraisers and your role in the communities that you work in.

On that page, you’ll also find a summary of the major parties’ policy positions on housing issues, as well as the AIC policy recommendations that align with the respective party policy positions.

Access the tool here.

If you have any questions, please contact the AIC Advocacy Team at 

In early 2021, the Federal Government launched consultations on a National Infrastructure Assessment. An engagement paper can be found here: https://www.infrastructure.gc.ca/alt-format/pdf/nia-eni/nia-eni-doc-eng.pdf

The AIC made a submission prior to the June 30, 2021 deadline which can be read here.

On July 14, 2021, the AIC President, André Pouliot, AACI, P. App., met with the Federal Shadow Minister for Housing, Member of Parliament Brad Vis. While the AIC hast met MP Vis in the past, this was an opportunity to reconnect on housing related issues. As the hot housing market continues to be a focus on Parliament Hill, the AIC continues to build relationships with federal officials to provide an overview of the AIC, the important role appraisers play in the real estate market and how our Members have been able to adapt to the realities of COVID-19.

It was also an opportunity to discuss the real estate market and the importance of ensuring that appropriate valuation fundamentals continue to be strengthened and applied to help mitigate risk in the housing market and to protect the public – and the best way to do that is by having an on-site appraisal carried out by qualified, designated professionals. We also communicated that the over reliance on Automated Valuation Models is a risk to Canadians and to the housing market as a whole. Finally, we communicated the importance of focusing on the supply side of the housing equilibrium to tackle the high priced market as opposed to the demand side that has seen its share of changes over the last several years.

Meetings with federal officials will continue over the summer and into the fall.

In mid-May, the AIC had an opportunity to meet with the new President and CEO of the Canada Mortgage and Housing Corporation (CMHC), Ms. Romy Bowers. It was an opportunity to meet with Ms. Bowers early in her tenure to discuss housing-related issues and the important role appraisers play in the real estate market. We look forward to working with Ms. Bowers and her team.

AIC recently submitted a written brief to the House of Commons Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities on the Financialization of Housing (HUMA) regarding their study on the Financialization of Housing.

The full brief can be read here.

The AIC brief focused on implementing a transparent, publicly accessible registry of beneficial ownership. The federal government should work expediently with provinces and territories to rapidly implement the registry of beneficial ownership to help address money laundering in the real estate market, identify corporate ownership, and improve overall transparency.

The AIC also believes that this registry and other real estate-related data, such as property and land title registries, as well as accessible flood mapping information, should be accessible to Professional Appraisers and other real estate professionals to ensure reliable, consistent and comprehensive analysis when determining the value of real property.

For any comments and/or questions, please contact the AIC Advocacy team at 

AIC Leadership met with the Office of the Superintendent in January 2023 and the office of the Federal Minister of Housing in February 2023 to ensure the lines of communications remain open and to discuss the current residential real estate market, the important role that appraisers have in safeguarding the market as well as trends and concerns that we have based on feedback from members and stakeholders.

AIC will continue to create these relationships with government regulators and officials to promote the important work of AIC Professional Appraisers and how it protects and safeguards the public.

The AIC Advocacy Team was able to have the Conservative Shadow Minister for Housing, as well as the NDP Housing Critic, provide remarks to the AIC Conference attendees.

Remarks by MP Jenny Kwan can be viewed here: https://vimeo.com/726774947/c021ab44e1

On May 12, 2022, AIC President (now Past-President), Andre Pouliot, and former AIC Chief Executive Officer, Keith Lancastle, appeared before the House of Commons Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities to provide input on the federal governments Housing Accelerator Fund and Federal Lands Initiative. Their appearance was made at the request of the Committee.

Their opening statement can be viewed here at 16:34: https://lnkd.in/ef2VAuJS

From November 25 to December 3, 2021, the Appraisal Institute of Canada’s Advocacy Committee, as well as Members of the AIC’s Executive and Communications Committees, met with nearly 20 Members of Parliament (MP). While in previous years these meetings occurred in person in Ottawa on Parliament Hill, this year’s meetings occurred virtually due to the ongoing certainties around the COVID-19 Pandemic.

AIC Members from the above-mentioned committees were able to meet with MPs to introduce AIC and the important role appraisers play in the real estate industry and the Canadian economy. We were also able to advance three housing-related issues and recommendations:

1. The need for ongoing prudent underwriting guidelines that include proper verification of the collateral being used to advance a loan and being cautious of the over-reliance on automated valuation models.
2. The need for the federal government to focus on housing supply initiatives to make housing more affordable.
3. The need for the federal government to continue their efforts on updating floods maps. Floods are just one example of climate risk – issues like drought, severe storms and wildfires can all play a role in the value of a property. The government will need to take a leading role in ensuring information on these risks is widely and consistently available going forward.

It also proved to be an excellent platform to get in front of federal legislators to ensure appraisers are included in discussions related to real estate as well as to create relationships that could be beneficial for AIC Members and the protection of the public.

We will continue to have meetings with MPs and federal officials in the new year as we continue to foster relationships.

To view pictures from some of the meetings that occurred, please visit our Twitter page, Linkedin page or Facebook page.

From November 25 to December 3, 2021, the Appraisal Institute of Canada’s Advocacy Committee, as well as Members of the AIC’s Executive and Communications Committees, met with nearly 20 Members of Parliament (MP). While in previous years these meetings occurred in person in Ottawa on Parliament Hill, this year’s meetings occurred virtually due to the ongoing certainties around the COVID-19 Pandemic.

AIC Members from the above-mentioned committees were able to meet with MPs to introduce AIC and the important role appraisers play in the real estate industry and the Canadian economy. We were also able to advance three housing-related issues and recommendations:

1. The need for ongoing prudent underwriting guidelines that include proper verification of the collateral being used to advance a loan and being cautious of the over-reliance on automated valuation models.
2. The need for the federal government to focus on housing supply initiatives to make housing more affordable.
3. The need for the federal government to continue their efforts on updating floods maps. Floods are just one example of climate risk – issues like drought, severe storms and wildfires can all play a role in the value of a property. The government will need to take a leading role in ensuring information on these risks is widely and consistently available going forward.

It also proved to be an excellent platform to get in front of federal legislators to ensure appraisers are included in discussions related to real estate as well as to create relationships that could be beneficial for AIC Members and the protection of the public.

We will continue to have meetings with MPs and federal officials in the new year as we continue to foster relationships.

To view pictures from some of the meetings that occurred, please visit our Twitter page, Linkedin page or Facebook page.

As always, you can send your feedback or comments to 

As part of the launch of Financial Literacy Month on November 2, 2020, the Financial Consumer Agency of Canada (FCAC) announced they were launching consultations to review and update the National Strategy for Financial Literacy.

They were seeking input from individuals and stakeholders and the AIC made a submission as part of this consultation.

For more information on the FCAC process, please visit: https://letstalkfinancialliteracy.ca/renewing-the-national-strategy-for-financial-literacy

To view the AIC submission, please click here.

Last spring, the federal government launched consultations on a beneficial ownership registry.

The AIC made a submission arguing that the federal government should work with provinces and territories to create a publicly accessible registry of beneficial ownership to help address money laundering in the real estate market. We also argue that this registry and other real estate-related data such as property and land title registries should be accessible to professional appraisers and other real estate professionals to ensure reliable, consistent and comprehensive data when determining the value of real property.

The federal departments responsible for this consultation, Innovation, Science and Economic Development Canada and Finance Canada, recently published what they heard in the following document: https://www.ic.gc.ca/eic/site/142.nsf/eng/00002.html