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

Phone:     905-761-7001
Toll Free: 1855-761-7001
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10 May 2019

CMHC is willing to share benefits and losses from the new first-time buyer plan

The new plan for improving housing affordability for millennials may lead to shared gains and losses for taxpayers.

As you know, March federal budget includes spending about $1.25 billion during the next three years by Canada’s housing agency for taking equity stakes in properties purchased by first-time buyers. CMHC plans to provide up to 10% funding for new properties and 5% for the existing ones in order to decrease mortgage expenses for buyers with low and middle income.

The plan was developed for reducing housing costs for the growing number of millennials who are struggling to get their own property in Toronto and Vancouver, where the average home price was up by almost 60% in five years.

“In case we take a $10,000 interest on a $100,000 home, no matter what gains or losses are, we share it”, - noted Evan Siddall, CEO of CMHC.

The Corp. will start the program in September. It’s included into the number of plans aimed at making real estate more affordable for millennials. The national prices increase reached 40% in five years.

According to Siddall, the program will not cause a significant prices growth, as the maximum influence could reach 0.02%-0.04%.

He says the maximum limit on losses for the program hasn’t been determined yet. “Canada’s government doesn’t want to take profit from it, we don’t want to trigger prices increase, so we are searching for ways to control it”.

 

 

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