Freeland announced that starting on Dec. 15, the cap for insured mortgages will rise to $1.5 million from the existing $1 million cap today. This would allow buyers to qualify for larger mortgages without putting 20 per cent down. https://lnkd.in/ewVxUZa3
This does absolutely zero to help with affordable housing. $1.5 million mortgage is well outside the scope of the average person’s ability to qualify for.
Really and yet she learned nothing from the US housing collapse where people were holding mortgages they couldn’t afford. Increasing the cap isn’t an option. Instead removing all those extra taxes placed on builders to build more homes faster. Removing bureaucractic bull shit and similar government hold ups help. Bringing prices down results from trimming government largesse but not forcing homeowners to carry heftier mortgages. Unacceptable and she must be removed for the good of the country & taxpayers.
Why don’t they just not have no tax on new home building and resale home purchases? Is it financially smart to have ur first home to be a Million dollars?
Why does the plan not include first time buyers purchasing existing homes…
Too little, WAY too late. She needs to be fired ASAP.
I’m not sure if larger mortgages are the solution when a majority of Canadians can’t afford the mortgages they have. They have lost touch with Canadians and need to go
Time for the Liberals to call the election! Time for a change!
Consultant
1moThis will result in home owners spending thousands and thousands more on interest and taking years longer to pay off a home. freeland making sure she can curse Canadians for decades. Of course it will take decades to fix the economy after the trudeau years of corruption, incompetence, treason and implementing the WEF great reset.