After 78 days of campaigning, the longest federal election since 1892 is finally over and the Liberal Party has gained a majority government for at least the next 4 years. Only time will tell if the actions of our new government reflect the rhetoric of the campaign trail.
The government has always had a stake in housing matters through its agency Canada Mortgage and Housing Corporation (CMHC) and is particularly concerned with affordability for first time buyers as well as the perceived risk of overheated markets in a few of Canada’s major cities. Recent statistics however show that Canadians are very comfortable with real estate as prices have increased 6.1% from September 2014 to September 2015 and with this past September being the second strongest September in history in terms of home sales. Evan Siddall, President and CEO of Canada Mortgage and Housing Corporation (CMHC) recently stated “We need to be purposeful about where a Crown Corporation can help, and where we should leave the market alone to adjust”. It’s very positive that our government recognizes that stable housing goes hand-in-hand with a stable economy and believes in a balanced approach.
Canadians continue to demonstrate their ability to borrow smart and not to over extend themselves when it comes to housing. This is great news for everyone looking to buy into the market for the first time, looking to move up to their dream home or start their real estate investment portfolio.