policy
MORE POLICIES THAN YOU CAN SHAKE A STICK AT The federal government has introduced or updated a series of new policies aimed at
As we’ve noted previously, the foreign buyer ban has little effect on real estate in Canada. The increase in potential RRSP withdrawals makes sense for individuals to keep up with rising prices and will not have a major impact on the overall market. The Canada Builds program, which seeks to add housing on public lands will likely grow supply at the margin. The relaxing of mortgage rules should benefit first-time buyers trying to get a foot in the door by way of increased availability of homes that can be purchased with an insured mortgage, greater purchasing power from longer amortizations, and the availability of lower mortgage rates for insured (versus uninsured) borrowers.
improving housing affordability. Some of these include the extension of federal foreign buyer ban, a new Canada Builds program (which is similar to the BC Builds program we noted in the last rennie landscape), increasing the amount of RRSP withdrawals a first-time homebuyer can make, and allowing 30- year amortizations for all first-time buyers and buyers of newly-built homes, as well as increasing the limit on home purchases with CMHC-insured financing to $1.5 million (up from $1 million).
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