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Mortgage Industry Meets in Montreal
CIMBL Holds Annual Conference and Expo
MONTREAL, Nov. 13 /- In presentations to the more than 2000
delegates gathered in Montreal for the Annual National Mortgage Conference and
Expo, the leadership of The Canadian Institute of Mortgage Brokers and Lenders
(CIMBL) indicated today that the organization's transformation into a fully
accredited, professional association is on track and that a further 10% growth
for Canadian mortgage credit is expected in 2007.
"At our conference a year ago we announced our commitment to professional
accreditation in response to feedback from our membership and from the
Canadian public," noted Ron Swift, AMP, Past Chairman, CIMBL. "Today more than
3,000 of our members have the AMP designation With that in mind we will be
changing our name to the Canadian Association of Accredited Mortgage
Professionals (CAAMP) on May 1, 2007"
The focus on accreditation comes at a time of continued growth in the
sector. In its second annual report on Canada's residential mortgage market
CIMBL points out that Canadians are expected to invest an additional
billion in mortgages by the end of 2007 to produce a total mortgage credit
valued at 8 billion.
"The Canadian mortgage market remains exceedingly robust," said Paul
Grewal, Chairman of the Canadian Institute of Mortgage Brokers and Lenders.
"The housing market remains very active overall in historic terms, setting new
record levels of dollar volume sales. In addition, new lenders and mortgage
insurers have entered the market increasing Canadians' options for mortgage
products," Grewal added. "This will continue to fuel the mortgage market."
The mortgage credit market is a big component of the Canadian economy.
Outstanding Canadian mortgage credit was valued at 7 billion, mid-2006
(compared to 7 billion, mid-2005). Canadian mortgage credit is expected to
grow by 10.8 per cent in 2006 for a year end total of 0 billion. Further
growth of 10.5 per cent is forecasted for 2007 for a Canadian mortgage credit
of 8 billion by year end. Approval activity in 2006 will be approximately
7.6 billion (8.5 per cent higher than in 2005). For 2007, approvals are
forecasted to exceed 0 billion for the first time at 4.5 billion
(3.5 per cent higher than in 2006).
A copy of the survey is available at www.cimbl.ca |
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