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.
The Housing Affordability Survey, a Leger poll of more than 1,500 Canadians, commissioned by FP Canada, discovered that 48% of parents with children under 18 years of age intend to assist with the purchase of a first home.
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.
The good thing about July is that it’s probably one of the easiest months of the year as far as home maintenance goes, so you still get to spend the majority of your time travelling with your kids and hanging out in the backyard by the pool.
A new study by Generation Squeeze in Vancouver found average home prices in Canada need to drop by nearly 50% for a typical 25-34 year-old (let’s call them millennials) to afford an 80% mortgage on an average priced home. Or, their earnings need to double
Sure, the cottage is all fun and games during the summer, especially around Canada Day, but keep in mind that there is always maintenance to be done (and we bet you didn’t get to any of it over the long weekend!).
And just like that - it’s summer. The forecast is consistently above 20 degrees celsius, and it will soon be hitting 30. Don’t worry if you forgot to get your backyard ready for the heat (and the long weekend).