Log in as a…


Login

NEW!

We’ve partnered with CREA to help improve your member experience and give your information the best security possible.

You will be returned to OREA once you have successfully logged in.

Login as a Member

We can help

articleimage

July 18, 2019

Ontario REALTORS® Urge Federal Government to Make Home Ownership More Affordable For Canadians

With a looming federal election, four political parties have the chance to keep the home ownership dream alive

TORONTO, ON – Canadians, especially young families looking to buy their first homes, are struggling to enter the market due to government-imposed barriers to home ownership. Ontario Realtors are calling for urgent action to reverse detrimental policy changes that deliberately and unnecessarily have made it harder for families to borrow responsibly in order to purchase a home.

“With just under 100 days until the federal election in October, all four parties are missing a clear opportunity to offer a comprehensive plan to turn the declining home ownership trend around, keeping the dream alive for tens of thousands of young families,” said Tim Hudak, Ontario Real Estate Association (OREA) CEO. “It’s an urgent issue that needs to be addressed – and whichever party does so, stands a good chance of winning, especially in the vote rich GTA and lower mainland of B.C.”

In response to a letter sent to the Federal Government’s Standing Committee on Finance by the Canada Mortgage and Housing Corporation, Ontario Realtors are pressing their case to help keep the Canadian dream of home ownership alive:

  • Supporting choice by restoring the option of a 30-year amortization period for people with insured mortgages,
  • Fixing the harsh one-size-fits all mortgage ‘stress test’ by moving to a more flexible and reasonable mortgage stress test than the current one, and
  • Eliminating the stress test for careful savers renewing their mortgage with a different lender, allowing for greater choice in the marketplace

“These restrictions in particular are unfairly disadvantaging home buyers, especially millennials looking to enter the market for the first time or young families looking to move up,” said Hudak. “Ontario Realtors are continuing to fight for families who are having their dream of becoming home owners dashed by bureaucratic overreach in the mortgage market, outdated red tape and expensive regulations restricting housing supply and choice across the country.”

New research from Navigator and OREA supports these proposals, with 6-in-10 Ontarians (60%) saying they support a 30-year amortization period for insured mortgages. Nearly 6-in-10 young Ontarians aged 18-34 (58%) support the federal government lowering the minimum qualifying rate for uninsured mortgages, with just over half (51%) of all Ontarians supporting the same.


For more information contact:

Ontario Real Estate Association

Lauren Souch

Manager, Communications & Media Relations

LaurenS@orea.com

416-445-9910 ext. 236


More News & Press Releases

articleimage

Guidance for Conducting Safe Real Estate Transactions in Stage Two of Ontario’s Framework For Reopening The Province

With Ontario moving into Stage Two of its Framework for Reopening the Province, many of the restrictions we have been living with since March are beginning to ease, and more businesses and services will be permitted to open, along with community, recreational and outdoor spaces. And, it is giving real estate buyers and sellers the confidence to come back into the market.

Read More
articleimage

COVID-19 Pandemic Impacts Consumer Perceptions When It Comes to Buying or Selling A Home

The COVID-19 pandemic is not only having an effect on the real estate market, but also on consumer perceptions according to research conducted by Nanos Research for the Ontario Real Estate Association’s new monthly Pulse Check on Consumer Attitudes.

Read More
articleimage

OREA’s Commitment to Building Stronger Communities Without Racism

The past week has been tremendously painful, eye-opening, and thought-provoking. The senseless and brutal killing of George Floyd, the latest tragic example of anti-Black violence by a police officer, has yet again brought to light the systemic racism that plagues our communities. Members of the Black community and communities of colour across Canada have for decades dealt with systemic racism, intolerance and police violence.

Read More
Back to News & Press Releases
To MP Survey
OREA Contract