Lobbying Information
Subject Matters
- Climate
- Environment
- Financial Institutions
- Housing
- Privacy and Access to Information
Subject Matter Details
Policies or Program
- AIC is supporting Office of the Superintendent of Financial Institutions (OSFI) Residential Mortgage Underwriting and Mortgage Insurance Practices and Procedures encouraging Federally Regulated Financial Institutions to employ sound valuation practices to determine the value of collateral used to secure and insure mortgages. AIC has recommended that these same guidelines extend to non-federally regulated institutions or organizations offering mortgage financing to Canadians.
- AIC members must complete appraisal reports and other valuation assignments in accordance with the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). Compliance with CUSPAP, in part, requires access to a full range of data on the subject property - including information on sales history. This data has traditionally been in the public domain but access has become limited.
- Canadian consumers require additional education on the full range of fees associated with mortgage financing and refinancing as well as the role of various professionals involved in the transaction. A disclosure of all fees incurred as part of obtaining a loan should be a mandatory requirement for all lending institutions - federally and non-federally regulated – to ensure that Canadians understand the financial commitment involved in what is often the largest investments in their lifetime. This includes the appraisal management fee and the appraisal fee.
- Downward pressure on appraisal fees and increasing demand for quicker turnaround times, combined with the restrictions on accessing good and reliable data, may ultimately drive professional appraisers away from completing mortgage finance work. This places a much higher risk for lenders and for Canadian consumers.
- Over reliance on Automated Valuation Methodologies (AVMs) poses a significant risk for Canadian consumers, lenders and the financial system. The best option to minimize the lending risk for mortgage properties is to have an on-site appraisal conducted by a third-party appraiser to determine the occupancy, the condition of the property, the neighborhood characteristics, and ultimately, the existence of the property.
- Working with the government to ensure that all flood maps are up-to-date to help homebuyers understand the area they are buying into.
Communication Techniques
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Written communication
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Oral communication
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Grass-roots communication
The lobbyist has arranged or expects to arrange one or more meetings on behalf of the client between a public office holder and any other person in the course of this undertaking.
Government Institutions
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Bank of Canada
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Canada Mortgage and Housing Corporation (CMHC)
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Finance Canada (FIN)
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House of Commons
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Innovation, Science and Economic Development Canada (ISED)
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Office of the Superintendent of Financial Institutions Canada (OSFI)
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Prime Minister's Office (PMO)
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Senate of Canada
Client Details
Government funding
No government funding was received during the last completed financial year.
Client Contact Information
Address:
200 Catherine Street
Suite 403
Ottawa, ON K2P 2K9
Canada
Telephone number:
613-234-6533
Ext.
222
Client representative
Tami Hynes, CEO
Parent Company Information
Appraisal Institute of Canada / Institut canadien des evaluateurs is not a subsidiary of any other parent companies.
Coalition Members Information
Appraisal Institute of Canada / Institut canadien des evaluateurs is not a coalition.
Individual, organization or corporation with a Direct Interest Beneficiary Information
The activities of Appraisal Institute of Canada / Institut canadien des evaluateurs are not controlled or directed by another individual, organization or corporation with a direct interest in the outcome of this undertaking.
Subsidiary Beneficiary Information
Appraisal Institute of Canada / Institut canadien des evaluateurs does not have any subsidiaries that could have a direct interest in the outcome of the undertaking
Lobbyist Details
Sajjid Lakhani
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Public offices held
Business address:
1404-222 Queen Street
Ottawa, ON K1P 5V9
Canada
Telephone number:
778-387-4647
Consultant Firm and Address
Firm:
IMPACT PUBLIC AFFAIRS
Address:
1404-222 Queen Street
Ottawa, ON K1P 5V9
Canada
Telephone number:
778-387-4647
