Most Canadians dream of owning a home, but the Liberal’s new mortgage rules are keeping many prospective home-owners out of the market.
The stress test was initially introduced by the government to cool-off housing markets in Vancouver and Toronto, but has since had a profoundly negative impact on homebuyers in other regions across Canada.
In Lethbridge, the stress test has dramatically impacted our purchasing power and has made it extremely difficult for first-time homebuyers to qualify for a mortgage.
As soon as the changes were implemented, 12% of the population in the region was priced out of being able to purchase a new single-family home and 14% from buying an average-priced home in the resale market.
I am honoured to advocate alongside BILD and the LDAR for responsible government policies that respect regional differences in Canada. We are calling on the Minister of Finance to take regional differences into account, and provide the option of a thirty-year amortization period. This would allow Canadians to spread their mortgage costs over more years, so they can afford to purchase a home.
I believe these small changes will help Canadians across the country make their dream of home ownership a reality.
What is your opinion of the new mortgage rules? Have your say by answering my one-question survey.