Earlier this week, Calgary City Council unanimously passed a Notice of Motion re: Reviving Calgary’s Real Estate and Construction Industries.
The motion resolves to do the following:
- Request that Mayor Naheed Nenshi write a letter to Prime Minister Justin Trudeau and Minister of Finance Bill Morneau advocating for:
- A review of the effects of the B20 – Residential Mortgage Underwriting Practices and Procedures stress test;
- Development of regional-based policies that reflect the needs of economic and market conditions in Calgary;
- Request that a letter also be sent to Premier Rachel Notley and Minister of Finance Joe Ceci advocating that Alberta Credit Unions and ATB Financial consider adopting Alberta-based mortgage approval requirements;
- Direct Administration to prepare resolutions for City representatives to introduce at the 2019 meetings of the Alberta Urban Municipalities Association (AUMA) and the Federation of Canadian Municipalities (FCM) to gain broader support for advocacy on regional-based mortgage financing stress tests.
The complete Notice of Motion, which came from Ward 5 Councillor George Chahal, can be found here.
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