A report Thursday from the Canada Mortgage and Housing Corp. estimates prices could go up between 0.2 per cent and 0.4 per cent — a tiny bump relative to other ideas the Liberals were pressed to enact
Canada’s housing agency says new spending measures aimed at helping first-time buyers afford homes won’t push prices up more than a few tenths of a percentage point.
The agency says loosening the mortgage-insurance stress test or allowing longer mortgages would have raised housing prices five to six times more than the measures in last month’s budget.Experts were split on the effect the new measures would have on prices. Some called them modest and expected little impact, while others worried they would undo federal efforts to cool housing prices in some of the biggest markets in the country.
“For first-time home buyers, the ability to find the appropriate level of savings is very hard,” said Social Development Minister Jean-Yves Duclos when asked about the program Thursday. “So more housing available and more affordable housing, but also a greater ability of younger Canadians to eventually have a home – and that’s why I think this balanced approach is the right one.”
Despite the limits on the program, CMHC says it can work in all markets, including Vancouver and Toronto. The average price of a home in Canada is about $470,000, and the way the mortgage program is structured would allow participants to a buy an existing home whose value is up to about $505,000, once the buyers put in a five-per-cent down payment.
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