Market Insights

Housing affordability front and centre in upcoming elections

By October 18, 2019 No Comments

With an upcoming election, parties have been focusing on affordability concerns especially in the housing market. The issue has become central in campaigning lately which is nice to see. The government appears to be listening to Canadians who feel that mortgage rule changes have had a negative effect on their ability to buy their first home or move to a bigger home and have limited their purchasing options.

The First-Time Home Buyer Incentive is now up and running. This is the program where the government can assist qualified borrowers through an interest free loan in exchange for a shared equity in the property.

There is talk of some possible mortgage changes including increasing the amortization (length of time you can have to pay down your mortgage) from 25 years to 30 years. Even small adjustments in the newly introduced First-Time Home Buyer Incentive that could make it easier for buyers in larger cities to participate in the program is a possibility. Also being discussed is making adjustments to the current stress test or removing it all together (The stress test is where you have to qualify for a mortgage using a higher interest rate than the rate you actually receive from the lender).

All this could sound confusing and even a bit overwhelming if you’re considering getting a mortgage soon, however these changes could help more home buyers get the mortgage they want.

Mortgage Professionals, like myself, are the experts when it comes to all things mortgage related. This is what we do everyday. We’re focused on ways to help Canadians realize their dreams of homeownership.

I’m here to show you the options that are currently available to you and just as importantly, go through the possible future scenarios to show you the impact of the choice you make today in the event you want to refinance your mortgage, move to a larger home or pay off your mortgage quicker, etc in the future.

If you or someone you know is looking to buy their first or second home or looking to make changes to your current mortgage, call or email me first.


Tony Marchigiano,

Mortgage Consultant
Mortgage Alliance West

(604) 505-7109

Mike & Will

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