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.
This was our third property purchase and we have been using Harry’s expertise on all occasions with our mortgage needs. We have found Harry very professional, very thorough and when needed very discreet. He was able to put in action a plan that enabled us to improve our situation. He is non-judgmental and is able to make you feel comfortable and confident. He was very accurate with his paperwork and most importantly he did what he promised at all times.
Thank you again, Harry & Simran, you went above & beyond to help my parents and sister to secure a mortgage at an incredibly low rate. Your knowledge, along with your compassion and patience is above & beyond anyone else. Thank you, thank you, thank you.
Harry is outstanding. He was responsive to our needs, he worked hard & fast on a time-crunch! We live in Shelburne and getting the paperwork to them and having to deal with the over the phone was extremely easy and he even came to a place of our convenience to get the paperwork signed. He got us an excellent rate and we are very pleased. If you are looking for someone to help with your mortgage he is your guy!
I am very pleased to write this note in appreciation of what Harry did for me recently. He struck me as a professional who is very knowledgeable and very resourceful. He was very helpful right from the time of our initial contact. I was having difficulty getting a mortgage due to my bruised credit but he reassured me that there is always a way. He’s very warm and friendly and this combined with his professionalism made me very comfortable and less anxious. The mortgage was approved without any difficulty or obstacles. During the process, he was always there, available 24/7 for any questions. Harry is a one-stop shop for anyone shopping for a mortgage.
Harry’s expertise, professionalism and exceptional customer service made my refinancing process timely and efficient. I had a fairly new job and had a challenging credit, Harry consistently provided me great advice on how I can bring up my score. Even after all this he made the deal happen with an A lender! I believe anyone who uses his services will quickly see the value he provides to his customers.