When the Federal government released its budget in mid-March, those in the housing sector were eager to see what might be in store to help address the pressing need of making housing more affordable. Indeed, there was a response to housing affordability; it just wasn't quite what people were expecting.
Arguably the most talked-about measure of the Liberals' latest federal budget is the First-Time Home Buyer Incentive. Under the plan, the government would help some first-time buyers by advancing up to 10 per cent of the purchase price of a home so they can take out a smaller mortgage and keep monthly payments lower.
The federal government is planning to offer shared-equity mortgages in a bid to help get millennials into homes of their own. So how do they work? For more on this, BNN Bloomberg spoke with Heather Tremain, CEO of Options for Homes.
As the centrepiece of its budget plan to boost home ownership, the Liberal government also launched a new shared equity mortgage plan to benefit first-time buyers with incomes of $120,000 or less, to be administered by Canada Mortgage and Housing Corp. (CMHC).
The government is earmarking $1.25B over 3 years for something it's calling a 'shared equity mortgage'
TORONTO--(BUSINESS WIRE)--Mar 19, 2019--Options for Homes is delighted with the steps that Budget 2019 takes to address Canada's housing affordability crisis.