Just to throw some cold water on this federal budget. As the head of I believe the canadian real estate board said. "The housing incentives are directed at first time home buyers mainly the millenials. Most of them don't have individually $25K in their RSP's let alone 35K so that won't make a huge difference. and lets keep in mind that the RSP withdrawals do have to be paid back.
Secondly, the 5% and 10% loans are capped at purchasing a home 4X their annual salary to a maximum of $480K so that does nothing for Vancouver and Toronto markets. And then that has to be paid back and if it is interest free I will be surprised. Also I'm sure they are going to protect their investment somehow if the home is sold below value.
We will see what the final details are but I don't think you are going to see a whole bunch of people lining up for this. I wouldn't put it past the government to increase the stress test after the election as well.
Accurate analysis Birdlady, of the on-going manipulative tactics of Justin's Liberal's.Posted by Rick on Thursday, March 21st, 2019 at 11:31pm
I don't care about which party put this housing incentive forward, it could work in Edmonton with the $480,000 cap, not in TO or Vancouver. But nice to have a policy that helps in the average housing market vs the hugely overpriced cities.Posted by Chuck on Friday, March 22nd, 2019 at 12:55am
No one is going to sell anything until this September, so why would anyone list now?Posted by Tony on Friday, March 22nd, 2019 at 7:46am
Here's a thought...
How about the federal government keep their incompetent hands off the housing market altogether and let the free market decide what is a proper price?
Did they ever think of doing that???
Or are we now living in a communist ruled country?
Yes. Like I said, the government should keep its corrupt hand out of the real estate market and let the free market decide the price.Posted by GM on Sunday, March 24th, 2019 at 12:10am
@GM should we wind up CMHC insurance and securitization programs while we are at it?Posted by Still employed on Sunday, March 24th, 2019 at 5:01am
Not sure this Liberal budget will have the impact they expected on thE Canadian Market . I think it’s criminal to use our tax dollars to manipulate the market in this manner to buy votes . Especially since it will not have the effect they expected .
If they had half a brain they would be in the private sector, STOP stealing money from hard working people to buy votes Liberals . You definitely have lost my vote !!!
Well said birdlady. I'd like to add though, that regardless of whether people take the incentive or not, it has added another reason for buyers to wait and think about it. We have such low demand already, I'm sure many people will wait at least for the details of the incentives before deciding to move ahead with purchasing their first home.Posted by Sara MacLennan on Monday, March 25th, 2019 at 9:00pm