Canadian Real Estate News Headlines (March 21st 2019)
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I provide you with Canada’s news headlines for real estate news for today.
Federal budget offers first-time home buyers a break with $1.25 billion in mortgage relief
Potential home buyers in cities with white-hot real estate markets got some relief in Tuesday’s federal budget with an incentive program that could lower mortgage payments for households making less than $120,000 per year.
The government unveiled a multi-pronged approach to housing affordability that centres on the incentive plan, but beefs up an existing initiative that allows buyers to withdraw money from their RRSPs, and a variety of measures to boost the supply of homes on the Canadian market.
Trudeau Targets Home-Buying Millennials With Equity Plan
Canada’s housing agency will spend up to C$1.25 billion ($943 million) over three years to take equity positions in homes bought by first-time buyers, part of a plan by Justin Trudeau’s government to make housing more affordable for the youngest voters.
According to federal budget documents released Tuesday in Ottawa, Canada Mortgage and Housing Corp. will provide up to 10 percent funding for new homes and 5 percent for existing homes to reduce mortgage costs for low- to middle-income buyers. The financing would apply to insured mortgages, which are required if the buyer puts less than a 20 percent down payment on the property.
Toronto Luxury Real Estate Market Renews as Pent-Up Vancouver Demand Verges on Activity in Spring 2019
Toronto top-tier market resumes active pace as consumer interest mounts in Vancouver buyers’ market; Montreal posts new gains and Calgary recovery continues.
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