RIYAZ  JESSA

RIYAZ JESSA

Sales Representative

Century 21 Heritage Group Ltd. Brokerage*

Mobile:
416-417-8603
Office:
905-883-8300
Email Me

Factors Which Can Make Homes Affordable And Lower House Prices.

The latest inside scoop on the housing market issues of affordability; stress-test (Bill 20), amortization period and building approval delays.

 realty-nook-riyaz-jessa-how-to-make-housing-affordable

In a recent interview recorded on BNNBloomberg, Mattamy Homes CEO Peter Gilgan discussed 2 important factors which would go a long way to helping young people to own homes.

Majority of Canadians, prefer to own their homes rather than rent, but the affordability factor has taken them out of the picture.

In many instances, although buyers are in a position to purchase homes, the stress test negates this effort and they fall out of the affordability range.

Inventory directly impacts demand and eventually drives up the home prices. Peter stated that municipalities and cities need to become more efficient in approving building permits.

Red tape bureaucracy and a lack of support at the approval stage for developers has kept land undeveloped for 10, 15 to 20 years. This has directly resulted in low inventory and rising house prices.

TREB president Garry Bahura, has also been pressuring to lower or better yet eliminate the stress test, additionally bring back the 30-year amortizations.

In Summary:

  • Eliminate or lower the Stress Test.
  • Accelerate building permits and approvals.
  • Bring back 30 yr amortizations.

It's going to be very interesting to see how all this plays out in 2019 and onwards.

Additionally, this being election year and the waning popularity of the Liberal government, they may just use this opportunity to help their agenda and assist the housing economy.

Let's wait and watch. I am still bullish on the Canadian real estate market.

Do you feel these changes will help make homes affordable?

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Archer

If you are going to become a first-time buyer, then buying a new house alone is not a good jobsbyijobs.com decision. Using a realtor maybe a fruitful decision.

Dreama Vieths

We need to make some better rules so that more people can easily buy their own houses. Get info on https://www.owlguru.com/importance-of-learning-the-basics-of-writing-an-effective-essay/ as government should reduce the amount of property takes as well as make some special plans for helping those which do not have any shelter.

Tim Paine

Thanks

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