Close X
Wednesday, November 27, 2024
ADVT 
National

Liberals' Mortgage Plan To Have Tiny Effect On Housing Prices: CMHC

Darpan News Desk The Canadian Press, 04 Apr, 2019 08:12 PM
  • Liberals' Mortgage Plan To Have Tiny Effect On Housing Prices: CMHC

OTTAWA — Canada's housing agency says new spending measures aimed at helping first-time buyers afford homes won't push prices up more than a few tenths of a percentage point.


A report Thursday from the Canada Mortgage and Housing Corp. estimates prices could go up between 0.2 per cent and 0.4 per cent — a tiny bump relative to other ideas the Liberals were pressed to enact to make homes more affordable.


The agency says loosening the mortgage-insurance stress test or allowing longer mortgages would have raised housing prices five to six times more than the measures in last month's budget.


The government says it will pick up five per cent of a mortgage on existing homes for households that earn under $120,000 a year, in exchange for a share of the home's ownership.


For new homes, to spur construction, the government would be willing to cover 10 per cent, but either way the house price couldn't be more than $480,000.


Despite the limits on the program, CMHC says it can work in all markets, including Vancouver and Toronto.

 

MORE National ARTICLES

Speaker Issues Update Of Dress Code At B.C. Legislature; Sleeveless Dresses OK

The Speaker of B.C.'s legislature says a preliminary review of the building's dress code now permits women to wear sleeveless dresses and sleeveless shirts.    

Speaker Issues Update Of Dress Code At B.C. Legislature; Sleeveless Dresses OK

NDP Unveils Universal Pharmacare Plan, Aims Program Delivery By The End Of 2020

NDP is promising to bring in a universal and comprehensive national pharmacare program targeted to begin in 2020 if the party wins the next federal election.

NDP Unveils Universal Pharmacare Plan, Aims Program Delivery By The End Of 2020

B.C. Cider Week Puts Spotlight On Province's Growing Cider Industry

B.C. Cider Week Puts Spotlight On Province's Growing Cider Industry
Rachel Bolongaro was sitting at her desk one day in 2013 when she asked herself, "Do I want to be an engineer for another 20 years?"  

B.C. Cider Week Puts Spotlight On Province's Growing Cider Industry

New Carbon Tax Starts Coming In For 4 Provinces That Fought The Federal Plan

New Carbon Tax Starts Coming In For 4 Provinces That Fought The Federal Plan
The federal tax is $20 a tonne for this year and is set to increase by $10 annually until it reaches $50 a tonne in April 2022.

New Carbon Tax Starts Coming In For 4 Provinces That Fought The Federal Plan

Doug Ford Slams Federal Carbon Tax That Takes Effect In Four Provinces Today

TORONTO — Ontario Premier Doug Ford says there's no reason to believe Canadians will recoup the cost of the federal carbon tax that takes effect today.    

Doug Ford Slams Federal Carbon Tax That Takes Effect In Four Provinces Today

Alberta NDP Promises Balanced Budget Later Than UCP, But Says UCP Math Is Wrong

Alberta NDP Promises Balanced Budget Later Than UCP, But Says UCP Math Is Wrong
Alberta NDP Leader Rachel Notley promised to balance the province's budget by 2023-24 as she unveiled her party's election platform Sunday

Alberta NDP Promises Balanced Budget Later Than UCP, But Says UCP Math Is Wrong