With the electioneering gathering pace, two real estate and mortgage industry bodies have welcomed some recent pledges by the federal parties.
Toronto Real Estate Board says that it is pleased that parties are making housing affordability a key part of their election campaigns, especially the Liberals’ commitment to expanding the First Time Home Buyers Plan and the Conservatives pledge to reform the mortgage stress test and increase housing supply.
“Housing affordability is one of the most important issues facing Canadians. We are glad that the federal political parties are acknowledging this with their respective plans. Two key issues that TREB believes have negatively impacted affordability are the federal mortgage stress test and mortgage amortization periods. TREB has been strongly calling for changes to the federally imposed mortgage stress test, since it was imposed, and for a 30-year amortization period for insured mortgages to be re-introduced, to give home buyers more flexibility and assist with affordability,” said Michael Collins, TREB President.
TREB says that proposals to address money laundering in real estate and the increased use of federal real estate to boost housing supply are also positive moves.
The Canadian Real Estate Association said that it’s pleased with the Conservative proposals which include suggestions that it has been making to policymakers.
Mortgage Professionals Canada has also welcomed the latest announcement from the Conservatives which would reduce the mortgage stress test thresholds and bring back a 30-year amortization period.
“We are delighted to see our recommendations included in the Conservative Party of Canada platform,” said Paul Taylor, President and CEO of Mortgage Professionals Canada. “I am very encouraged to see the real concerns of our members, and the would-be homeowners they serve, have been addressed in such a positive manner. Accessible home ownership is an important issue for all Canadians. Thank you to Andrew Scheer and his team for having heard our concerns and responding so directly.”