A Review of Articles on Home Ownership Measures

A Review of Articles on Home Ownership Measures In the past month, several announcements and positions, including that of the QPAREB, have been made on the subject of home ownership. As mentioned in a French-language article published on September 12 entitled “Règles hypothécaires : des courtiers veulent un assouplissement”, associations representing close to three-quarters of Canada’s real estate brokers are asking the federal parties to commit to relaxing existing mortgage rules. These associations are calling for a review of the mortgage stress test and its adaptation to regional economic differences. In this article, Julie Saucier, President and Chief Executive Officer of the QPAREB, states the Association’s position, which supports the implementation and maintenance of home renovation tax credit programs to encourage the purchase of properties requiring upgrades, a refund of transfer duties for first-time buyers, and the introduction of mortgage rules that are adapted to regional and provincial differences.

A similar article, entitled “Les courtiers plaident pour un meilleur accès à la propriété,” adds to the call for an easing of the rules governing access to home ownership. This article mentions that the QPAREB is part of a coalition representing some 92,000 real estate brokers from across Canada that is making specific requests to the federal parties. In addition, we may be starting to see millennials’ impact on home ownership, according to the article “Achat de maison : l’intérêt des milléniaux fait grimper les prix”. Based on a report by CoreLogic, a company that analyzes consumer data and owns real estate software products such as Matrix, the article mentions the upward trend in price growth (+3.6 per cent) and predicts 5.4 per cent increase for 2020. This growth is due to demand from millennials, which is greater than the supply available on the market. Note that this report is based on U.S. data.

Finally, the Conservative Party and Andrew Scheer want to facilitate homeownership in this article from September 23. In response to Liberal Party initiatives in recent weeks, Mr. Scheer proposed a plan that would make buying a home more affordable by relaxing the rules put in place by the Harper government after the 2008 financial crisis. This flexibility would include the authorization of 30-year mortgages, reducing the mortgage stress test for first-time mortgage applications, and the cancellation of the stress test for mortgage renewals.

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