Canada’s housing agency says new spending measures aimed at helping first-time buyers afford homes won’t push prices up more than a few tenths of a percentage point.
A report Thursday from the Canada Mortgage and Housing Corp. estimates prices could go up between 0.2% and 0.4% a tiny bump relative to other ideas the Liberals were pressed to enact to make homes more affordable.
The agency says loosening the mortgage-insurance stress test or allowing longer mortgages would have raised housing prices five to six times more than the measures in last month’s budget.
The government says it will pick up 5% of a mortgage on existing homes for households that earn under $120,000 a year, in exchange for a share of the home’s ownership.
For new homes, to spur construction, the government would be willing to cover 10%, but either way, the house price couldn’t be more than $480,000.
Despite the limits on the program, CMHC says it can work in all markets, including Vancouver and Toronto.
I would've given six stars if I could but this thing only let's me give 5 stars. Excellent brokerage in town Harry gives you the right advice, you can count on him for all your financing needs.
Exceptional customer service. Very friendly and caring people to work with. They reaiect your time and your hard earned money so you will be getting honest advise that protects you and your wealth.
Working with Harry was an absolute pleasure. Our mortgage approval was a bit of a process, as we were selling our present home and then using it as our down payment. But unfortunately, the market didn’t allow us to do so and Harry helped us through all of it. He went above and beyond to answer any questions we might have. What we appreciated the most was how hard he worked for us and made our purchase happen.
In today’s market not a lot of brokers can work on a deal like ours. We did our homework to find originators of our debts, but it was a daunting task and we were just going in circles until we called Harry at Majestic Mortgage. Harry answered all our questions in a professional and prompt manner and worked on our debts, he was focused 100% on providing us the best solution. Thanks Harry for all the effort and making the process quick and painless. We couldn't be happier with the service we received, and will definitely be returning to Harry.
-A. Baliswadi & K. Mahabir
It was great to have Harry Saund as our mortgage broker as first time buyers. He was very professional and everything went very smoothly with him. I would definitely recommend him to people looking to get a mortgage.