With home ownership rates on the decline in Canada, it’s time for bold action to eliminate barriers faced by young families and Millennials looking to buy their first home.
The four steps announced today by Andrew Scheer will help make home ownership more affordable by reducing bureaucratic overreach in the mortgage market, rewarding careful savers, getting dirty money out of the housing market and increasing housing supply. These changes will help bring the dream of home ownership within reach for thousands of Canadians.
Ontario Realtors have repeatedly called on the Federal Government to fix the punishing stress test, reinstitute 30-year mortgage amortizations, open up surplus federal lands for housing development and tackle the issue of money laundering in real estate. Our work has included presentations from OREA CEO Tim Hudak and I to the Standing Committee on Finance, public opinion research and several opinion-editorials.
OREA’s calls for more housing supply and increased home affordability are being heard. Last week, OREA was pleased to see the Liberal Party of Canada promise to expand the First-Time Home Buyer Incentive Program and the NDP’s commitment to re-introduce 30-year terms to CMHC insured mortgages for first-time home buyers. It’s good to see major political parties finally paying attention to the housing crisis in Canada and listening to Millennials who’ve done everything right but can’t get ahead. These ideas will help make the Canadian dream of home ownership a reality for more families every year, not fewer.