Is elevating housing prices a good way to make homes more affordable? GlobeBusiness
Contributed to The Globe and MailWhen our rancorous members of Parliament get around to looking at the Trudeau government’s 2019 election budget, they might want to pay special attention to the proposed First-Time Home Buyer Incentive, a shared equity mortgage to be run by Canada Mortgage and Housing Corp.
The plan might also appeal to Canadians whose means are not so limited. While eligibility is limited to households with income of $120,000 or less, many of those may be able to draw on parents or their own registered retirement savings plans to make a down payment. Because that 2013 British plan could not fail but to raise prices in supply-constrained areas and reinflate pricey markets, it had its critics. I described it at the time asWith the benefit of time and extensive data, cooler heads at the London School of Economics have since had a look at.
The 2019 budget partly reflects this understanding, saying that the shared equity mortgage “could help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.”
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