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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





13 September 2019

Federal parties are pressured to adjust B-20 before the election

As October federal election is coming, Canadian real estate boards are demanding important changes to B-20.

“With today’s regulations, the stress test in the GTA increases the average monthly mortgage payments by $700 – it’s quite a large sum which could be otherwise spent on daycare or a car payment. And when it adds up to the debt burden of a family trying to purchase home, it’s already too much,” - noted Toronto Real Estate Board (TREB) President Michael Collins. “In our opinion, the stress test does have certain advantages, but it should be reduced to a more reasonable level”.

Moreover, boards from Calgary, Vancouver and Quebec, which represent about 90,000 realtors, are demanding to bring back a 30-year amortization, to replace the $750 First-Time Home Buyers Tax Credit with a $2,500 non-refundable tax credit for those who purchase their first homes, and to change the stress test in accordance with the economic issues and interest rates.

Collins says the boards call for a regional implementation of B-20 instead of the national one.

“I repeat we are not against the stress test in general. The deal is that a one-size-fits-all approach should be changed” – he added. “We believe a 30-year amortization could improve the conditions for Canadians who try to purchase houses”.

In Collins’ opinion, the real problem is the lack of supply, restrained by red tape. However, he’s glad that Ontario and Toronto municipal governments admit it. “The core of the issue is weak supply, as people want to buy homes but they don’t have enough choice”, - he said. “B-20 was introduced to offset it, but the focus should be on other things”.

 

 

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