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So here’s my 2 cents on the proposed federal budget and their ‘home buyer/housing affordability’ programs.  From what I can see, the issue we’re still having with housing affordability is primarily due to a lack of supply/inventory.   In many major cities, there simply aren’t many homes for sale which inevitably drives prices up at an alarming rate.    And it really doesn’t help when the government introduces a ‘stress-test’ so that many buyers can no longer qualify for a mortgage.

The new proposal by the Liberal govt is, as some say, ‘very puzzling’.     And there are a few things that should be questioned when looking at these new rules.

The incentive would provide funding (equity sharing) of up to five percent of the purchase price of an existing home, or 10 percent of a newly constructed home. No ongoing monthly payments are required. The buyer would repay the incentive, for example at resale.   This is something to consider as the govt would now essentially own part of your home/property.   You would be giving up part of your equity, and in-turn, part of your control of this asset.    And what happens later if the govt decides to implement ‘discharge fees’ or ‘buyout fees’ etc.    And when your property goes up in value, do they now realize the gains of your hard work?    Personally, I would prefer not to give up that ownership.

In my opinion, I think home buyers would see higher benefit from having housing & purchasing costs lowered.   How about removing land transfer tax altogether?   How about scrapping the ‘stress test’?   How about making it more affordable for small builders to build more homes?   How about removing the Carbon Tax which makes our daily cost of living even higher?   What I believe we need is: more homes, more supply, and less expenses along the way.    This is just my opinion, and I’m open to hearing other ways in which we could help Canadians get into the housing market.

To get more info and opinions on this important issue, check out these articles:

Mortgage Talk Canada

Huffington Post article

And feel free to message me with questions and concerns on these issues.   I welcome all feedback.


Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Office: 613 744 0356

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