Government and regulatory expert on the key trends at play as Canadian Mortgage Summit Vancouver draws nearer
Political issues are never far from the surface as a factor in Canada’s mortgage and housing markets, and they look set to play a major part in shaping the outlook for 2026 and beyond.
Mortgage market watchers are keeping a close eye on Canada-US relations to see whether a deal can be struck to end the ongoing trade war and give homebuying sentiment a boost, and the upcoming Canada-US-Mexico Agreement (CUSMA) review will also have a big say in determining whether the housing sector finally thaws.
On the domestic front, there’s plenty for mortgage professionals and shoppers to watch – not least the Budget Implementation Act, which features key measures from the Liberal government’s 2025 federal budget and recently passed a confidence vote in the House of Commons.
That legislation, which now passes to the Senate for approval, could prove significant for the housing market if ratified, according to Tanya Woods, head of government and regulator affairs and policy counsel, Questrade Financial Group.
“It has a number of financial services measures in there that we think are going to help Canadians that indirectly or directly relate to mortgages,” she told Canadian Mortgage Professional, “including open banking and other aspects tied to housing.”
Open banking: A gamechanger for the mortgage market?
Open banking has long been viewed by mortgage brokers and other industry professionals as a potential huge positive step for the sector.
It would let consumers share their banking data with third-party service providers and could pave the way for faster and more accurate income and asset verification, smoother client onboarding, a wider range of tailored product offerings, and stronger competition between lenders driven by real‑time access to consumers’ financial data (with their consent).
It remains to be seen what form the government’s open banking measures will take when they’re finally implemented, but Woods believes the idea could prove a big plus for the industry and mortgage customers alike.
“The fact that Canadians might be able to see their entire financial picture on a single dashboard one day is very exciting because they will have a much greater sense of what they can afford and where the opportunities in their financial picture [are],” she said, “so that they can make different or better decisions on housing.
“Maybe they can afford more than they realized. Maybe they can find new ways to structure their debt because they get a better picture of the types of debt load that they’re carrying and where they can reduce it or leverage it positively. There’s so much opportunity.”
Woods is also keeping tabs on Prime Minister Carney’s efforts to improve housing affordability, including plans to up home construction to half a million units a year and proposals to axe the GST for first-time home purchases.
“We continue to watch how the prime minister and his team are navigating the larger domestic economy and the pressures that Canadians are feeling on affordability. And we know he’s committed to more supply,” she said. “We’re watching how that’s going to roll out.”
Upcoming Canadian Mortgage Summit Vancouver panel to tap into government and regulatory issues
Woods is set to appear on a panel at the upcoming Canadian Mortgage Summit Vancouver on March 19 delving into trends specific to the Lower Mainland, greater British Columbia and Alberta housing markets.
Also participating in that discussion will be Trevor Koot (chief executive officer, British Columbia Real Estate Association), Imran Thaver (director, national sales and marketing, National Bank Optimum Mortgage) and Kristina Morrison (director, regional sales – British Columbia, First National Financial).
For mortgage professionals, the panel will provide an invaluable insight into some of the major issues moving the needle in Western Canada’s housing market.
“I’m definitely hoping that attendees can get a broader sense of the various factors that are contributing to housing pressures at the community level, but also how they’re impacting communities on a larger scale because of the national focus, some of the international pressures and so on,” she said. “It should help participants relate to their customers better.
“Canadians’ lives are not singularly focused. It’s not one lane – you’ve got to manage traffic from multiple lanes. And if you can understand all of the inputs or more of them, you can better relate to your customers, you can better relate to the market, and you can understand and maybe foresee what could be coming because of different types of pressures including political and geopolitical ones.”
The big event is rapidly approaching – and mortgage professionals can still register here for what’s sure to be an unmissable day of education and networking at Vancouver Convention Centre.
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