Housing Problems Not Totally Fixed By Budget

There’s still some disapproval shown despite the outlined procedures that was made mention in the federal’s government budget which have been approved by the real estate sector. The General Montreal Real Estate Board said they would have loved to see serious commitments on tax levies that has to do with houses, most especially the Home Buyers’ Plan.

President of the GMREB Board of Director, Daniel Dagenais said; “There is no clear commitment from the government regarding the HBP, particularly in terms of an increase in eligible amounts or in terms of using the HBP during significant life changes, as promised in the Liberal Party’s platform for the October 2015 election,” additionally to that, he said; “In 1992, the maximum eligible amount of $20,000 represented more than 13 per cent of the average property price in Canada, whereas today, the eligible amount of $25,000, increased in 2009, represents barely 5 per cent of the average property price.”

Other motivating factors were expected by the board for first-time buyers who have been hit by the changes of the mortgage rules. Real estate activist responsive for the Generation Squeeze campaign disapproved of the budget. The campaign talked about Ottawa’s National Housing Strategy and seniors at risk without talking about the young Canadian who are finding it hard to deal with the increase rent and lower chances of owning a home. A lot of seniors have profited and gained financial from housing wealth, whereas, young Canadians have pile of debts to pay, which could have been lowered by taxing seniors their capital gains from their housing wealth.