BMO released the results of a survey conducted by Pollara Strategic Insights, announcing that first-time buyers in Alberta are the most optimistic in the country about buying a new home with more than 50% thinking that now is a good time to do so.
First announced back in March in the last federal budget, the FTHBI has been the point of some debate, both for how the program is structured, and for some of the restrictions it places on home buyers who may wish to use it.
I have a confession to make - I’m slightly conflicted about the state of the Greater Toronto Area’s housing market. Is there actually an affordability crisis? Does the mortgage stress test actually need to be adjusted?
The Shared Equity Mortgage Providers Fund launched at the end of July 2019. It’s a $100 million, five-year program managed by the Canada Mortgage and Housing Corporation that will support existing SEMPs.
Government policy like the mortgage stress test was introduced to cool Canada’s housing market, which it did, but some buyers have decided to simply go a different route, and it could be bad for the overall health of the market.