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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





5 April 2019

CMHC explains the Liberals’ new mortgage program

The Canada Mortgage and Housing Corp. believes the new spending measures supporting first-time buyers in their desire to become homeowners will not lead to a prices increase by more than a few tenths of a percentage point.

According to CMHC, the prices may rise by about 0.2%-0.4%, which is a very small gain compared to the potential growth from other measures the Liberals were pushed to take.

CMHC says a less strict mortgage stress test or a longer amortization period would lead to housing prices increase five to six times larger than the measures we’ve seen in the new budget.

As you know, the government will provide 5% of a mortgage on existing properties for borrowers whose annual income is less than $120,000, in exchange for a share of the house equity.


Stimulating the construction of new units, the government will give 10% in case of purchasing new properties, if its cost doesn’t exceed $480,000.

Although the program has certain limitations, CMHC is sure it will work all over Canada, even in the expensive markets of Vancouver and Toronto.


 

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