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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





12 April 2019

Real estate issues in Ontario budget

Here are some of the sections from the April 11 budget concerning real estate and mortgage industry:

In case of many middle‐class Ontario families, homeownership has become out of reach as buyers have to adjust to January 2018 mortgage rule changes. The insured and uninsured mortgage stress tests lowered consumers’ purchasing power, and many couldn’t qualify for a mortgage under the new guidelines. That’s why more borrowers started addressing private lenders in order to get the necessary financing. The government supports a strict system which protects consumers, but it’s also concerned that the mortgage rule changes led to unwanted impact on the market and pushed potential buyers out of it.

In October 2018, the government appointed MPP Doug Downey to review the Mortgage Brokerages, Lenders and Administrators Act, 2006. This year, the Ministry of Finance conducted a public consultation and got feedback from stakeholders in different sectors: banking, mortgage brokers, appraisers, insurance and legal services. The feedback brought innovative ideas on easing the rules burden to let mortgage brokers focus on helping their clients.

They include easier requirements for commercial mortgage transactions which could reflect the business needs. In addition to it, Downey also consulted with the mortgage broker industry and received detailed answers from that and other sectors. (2019 Ontario Budget, p.234)

Moreover, the Budget underlines the Ford government’s desire to help Ontario’s 470,000 small and medium-sized businesses (SMEs). “The government wants to cut the small business corporate income tax rate by 8.7% (p.180).” As SMEs employ about one-third of Ontario workers, and most of our members are employed by or as SMEs, they will definitely benefit from reduced bureaucracy, weaker burden and tax pressure during the coming months and years.

Another interesting point is that the government also announced the Ontario’s Housing Supply Action Plan. It’s only at an early stage, but here’s how it’s described:

Ontario’s Housing Supply Action Plan will provide new solutions to ease the process of fast housing buildings. The plan is expected to be flexible in order for all communities to build what they need, while protecting certain sensitive areas, cultural heritage, and supporting Ontario’s vibrant agricultural sector.

 

 

 

 

 

 

 

 

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