Request from City of Calgary - Lobbying Effort - Mortgage Stress Test - Guideline B20, Residential Mortgage Underwriting Practices and Procedures

THAT the Mayor be authorized to send a letter to the Prime Minister and Minister of Finance advocating that the Government of Canada:

a.     Review the effects of the B20 – Residential Mortgage Underwriting Practices and Procedures stress test on regional markets;

b.     Eliminate or tailor regional-based policies, including but not limited to, stress tests to reflect the needs of local economic and market conditions; and

THAT the Mayor be authorized to send a letter to the Premier and the President of Treasury Board and Minister of Finance advocating that Alberta Credit Unions and ATB Financial consider the adoption of Alberta-based mortgage approval requirements and make any necessary changes (policy or otherwise) to implement this request; and

THAT Council for the Regional Municipality of Wood Buffalo support the City of Calgary’s Alberta Urban Municipalities Association (AUMA) and the Federation of Canadian Municipalities (FCM) motion regarding the above matters to gain broader support for advocacy on regional-based mortgage financing stress tests.