23 September 2019
In case of these announcements, the notion “First-time homebuyer” is defined in the same way as in the First Time Home Buyers Plan. Although there are certain small details of the definition which need to be clarified, MPC is looking forward to working with numerous stakeholders who develop the necessary policies for existing and potential homeowners in Canada.
However, there are challenges and issues to face, and it’s highly recommended to discuss them with your local candidates in person or on social media. As housing affordability is one of the major federal election topics, we recommend asking your party the following questions:
- Does your party support cutting the mortgage stress test rate, which is 5.19% today, even in spite of five-year offers lower than 3% available at the market? If it does, what is the desirable level. If it doesn’t, ask the party to tell about its alternative approach.
- Does your party support a stress-test elimination for borrowers who have made timely payments during their recent mortgage term and who want to switch to another lender when the renewal time comes? If it doesn’t, ask the party to tell about its alternative approach.
- Does your party plan to return 30-year amortizations for first-time buyers with insured mortgages during the party’s first year in the office? If it doesn’t, ask about alternative measures for providing additional financing variants to middle-class Canadians. Or does your party believe the market doesn’t need any changes?
- How will the party support or motivate new home starts to avoid sharp prices growth, caused by the lack of market supply?
- What other measures of your party’s platform concern issues of the mortgage brokering community and their clients?
These and many other questions have been sent to the headquarters of federal parties which held a seat in the House of Commons in August, 2019. MPC will share their official responses as soon as it receives them.
And don’t forget, the election is on October 21.