This translation has been automatically generated and has not been verified for accuracy.Go too far in helping people afford to buy a home and you put the whole economy at risk.
The Conservatives also said they will “fix” the mortgage stress test to ensure that first-time buyers aren’t unnecessarily blocked from getting a mortgage, and eliminate the stress test on renewals. The stress test sensibly ensures home buyers can afford higher payments if interest rates rise. The stress test for first-time buyers is maybe a bit draconian in how it requires them to be able to afford a magnitude of interest-rate increase that is unlikely to happen. But from a personal finance viewpoint, it’s brilliant in how it forces people to give themselves some breathing room with their mortgage.
In a country obsessed with home ownership, the last thing we should be doing is encouraging people to take money away from their retirement savings to buy a home. And yet, the federal Liberals pushed the withdrawal limit for the HBP to $35,000 from $25,000 in their 2019 budget.
globemoney I agree this is a mistake. The biggest mistake of all is Canadians who can't run a budget and they should not need a government to do it for them.
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Scheer stress test 'fix' welcomed by housing sector, but impact to high household debt a concernThe housing industry welcomed Conservative Leader Andrew Scheer’s proposal to fix Canada’s mortgage stress test to make home ownership more accessible, but Canada’s housing agency and bank regulator have previously said the test helps stem rising home prices and household debt 1.NDP want to subsidized rent 2.Liberals want the CMHC to own part of your house 3.The CPC want to fix the stress test as well as allow for 30 years mortgages The CPC still have the best policy! This has to be one of the single most irresponsible policies announced yet. Will increase debt load, increase home prices and threaten the economy. This is exactly what caused the mortgage crisis in the U.S. The CPC wants to make the rich richer and the middle class to be serfs for life!
Source: CTVNews - 🏆 1. / 99 Read more »
Scheer pledges to make mortgages longer, remove stress test for renewalsConservative Leader Andrew Scheer is laying out a plan this morning he says will make it cheaper for Canadians to buy a home. “Scheer promises to inflate housing bubble” is a better headline ❤️ jaydealeena
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HuffPost is now a part of OathHow does that make Canada better? DonNadon9 By getting you into more debts... that’s o obvious lol Why? So he can help people to get into more debt I don't understand.
Source: HuffPostCanada - 🏆 61. / 53 Read more »
Andrew Scheer pledges longer mortgage terms, end of stress test on renewalsConservative leader says move would help more people buy homes, loosening rules put in place by Stephen Harper’s government Andrew, stop with this silliness. Raise the basic personal exemption to $40k to take the working poor and pensioners off the tax rolls. Here's a startling revelation: by doing this, ALL of us get to keep more of our hard earned income. Don’t do it, just don’t. If they allow 30yrs, then house prices will go up too. The sellers can calculate and do cash flows too. Quit meddling in the private sector. Lol.. just before the fall out of housing market priceless
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Willett wins at home for 1st time at BMW PGA Championship - Sportsnet.caDanny Willett has won a European Tour event on home soil for the first time in his career with a three-shot victory at the BMW PGA Championship.
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All Blacks' next Rugby World Cup test an unusual one: CanadaNew Zealand's path to victory at the Rugby World Cup takes the All Blacks to an unusual opponent: Canada. For their own good, they better stay out of Canada, as here, they will be labeled racists, just because of their name.
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