Homebuyers and industry consumers should not worry about meltdowns occurring in the Canadian mortgage market, said MortgageBrokers.com today.

Contrary to the turmoil in the US, the Canadian mortgage and housing markets are in good shape, the mortgage brokerage firm said today.

“The Canadian mortgage and housing markets have had their challenges, but we firmly believe that these markets operate on a solid foundation versus current U.S. conditions,” says Alex Haditaghi, CEO of MortgageBrokers.com.

The firm urges the Bank of Canada to be more aggressive with interest rate cuts this year.

It blames recent articles, commentaries and news about the potential the U.S. sub-prime mortgage crisis extending into Canada for having a negative psychological effect in the Canadian housing and mortgage industry. Haditaghi says Canada should be careful or it will talk itself into a recession.

But Haditaghi says he sees no evidence of the mortgage crisis hitting Canada. “So far, north of border, we haven’t experienced what our U.S. counterparts are going through due to several factors which are not applicable to Canada,” he added. “In our opinion, looking forward, we expect a strong 2008 and 2009 for the Canadian mortgage and housing markets.”

Haditaghi cemented this resolve by concluding: “We firmly believe that current rates, available mortgage products and projected rate cuts in Canada will actually make the market more active.”