The reviews have been mixed on the merits of the government’s new scheme to help first time home buyers, but there is consensus emerging that the effects won’t be felt in the housing market until as late as 2021.
The incentive on existing homes is five per cent and up to 10 per cent on newly constructed homes, which the government hopes will juice new construction in markets that are struggling with low supply. Potential home buyers and industry representatives had been calling for a variety of measures in response to worsening affordability across the country, like an easing of the mortgage stress test or beefed up credits for buyers.
“ most of our community is really quite disappointed that there wasn’t some easing of the stress test or the introduction of a 30-year amortization,” he said. Along with all those positive indicators, the new $1 billion program adds up to less than one-per-cent of the total amount of mortgages insured by the CMHC.
Those initiatives show “they don’t have the answer, bottom line,” said Fong. “It also shows they’re grappling with the role of the federal government” in addressing the housing supply problem.
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