Apr 4, 2024, 10:11 AM
by
Mortgage Professionals Canada
Mortgage Professionals Canada says the federal governments must take action in the spring budget to help homebuyers during an "unprecedented housing crisis", while the Taxpayers Federation says the priority should be cutting spending.
MPC PROPOSAL #1 – INSURED MORTGAGE LIMIT INCREASE:
• To address the immediate needs of prospective homeowners, particularly in high-cost areas such as Greater Toronto and Vancouver, as well as emerging markets such as Calgary and Halifax, we recommend increasing the insured mortgage limit from 1 to $1.25 million.
• This adjustment would significantly help those struggling to find affordable housing in these competitive markets.
• In addition, extending the maximum amortization period for insured mortgages to 30 years would provide immediate relief by lowering monthly payments, making homeownership more attainable for a broader segment of Canadians.
MPC PROPOSAL #2 – CRACKING DOWN ON THE MORTGAGE FRAUD CRISIS:
• In addition, the rise in mortgage fraud, which has increased by 29.5% since the start of the crisis, underscores the urgent need for robust fraud prevention measures.
• Our engagement with the Canada Revenue Agency and the Office of the Minister of National Revenue is focused on streamlining income verification through tax returns to effectively combat this issue.
• Implementing such measures would not only protect consumers, but also strengthen confidence in our financial institutions and contribute to a more stable housing market.
MPC PROPOSAL #3 – CALL FOR A PERMANENT HOUSING ROUNDTABLE:
• Another step in addressing the housing crisis is the creation of a permanent housing roundtable.
• This collaborative platform would bring together federal, state and local stakeholders, as well as civil society organizations and sectors related to housing finance and real estate.
• Such a roundtable would foster continuous dialogue and develop consensual solutions to the complex challenges facing Canada's housing market.
• Stakeholders and industry have already set the table; we just need the feds and provinces to show up.
• By implementing these measures, the government can demonstrate its commitment to fostering a more inclusive housing market and ensure that the dream of homeownership remains within reach for all Canadians.
Visit City News for full details:
https://toronto.citynews.ca/video/2024/03/22/mortgage-pros-taxpayers-group-lay-out-budget-priorities/
