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Reforming Canadian Housing, CMHC


In an ever-evolving Canadian housing market, it's crucial to stay informed about the latest policy discussions that can shape the future of real estate. In a candid conversation hosted by Gary, a prominent Realtor and real estate influencer, and featuring Dion Beg, an experienced mortgage broker, we delve into the pressing issues that affect both homeowners and prospective buyers. Join us as we explore the proposed reforms that could make a substantial impact on the Canadian housing landscape.


Increasing the Mortgage Cap: One of the most prominent issues we tackle is the need to increase the insured mortgage cap. Currently set at $1 million, it no longer adequately reflects the reality of today's housing prices. Gary and Dion advocate for raising the cap to $1.25 million. This change would provide more breathing room for buyers in a market where prices continue to rise.


Bringing Back the 30-Year Amortization: For first-time homebuyers, affordability is a significant concern. Gary and Dion passionately argue for the reintroduction of the 30-year amortization option for insured mortgages. By extending the mortgage term, this change would lower monthly payments, making homeownership more attainable for those taking their first steps into the real estate market.


Eliminating Stress Tests: Another critical topic of discussion revolves around stress tests on mortgage transfers, switches, and renewals. Gary and Dion make a compelling case for their removal. Stress tests were originally designed to ensure responsible borrowing, but applying them to these situations may hinder homeowners' flexibility. The removal of these tests would provide homeowners with more accessible and affordable financing options.


The Call for a Permanent Housing Roundtable: The conversation takes a holistic turn as Gary and Dion propose the establishment of a permanent housing roundtable. They urge the federal government to take a lead role in creating this platform for collaboration. The roundtable would include provinces, territories, municipalities, civil society organizations, and industry stakeholders such as home financing and real estate sectors. Its mission? To address the ongoing housing crisis comprehensively.


Wrap Up: In this thought-provoking discussion, Gary and Dion advocate passionately for changes that could reshape the Canadian housing landscape. From adjusting mortgage caps to reintroducing longer amortizations and eliminating stress tests, these reforms aim to make homeownership more attainable and flexible for Canadians. The call for a permanent housing roundtable underscores the urgency of addressing the housing crisis in a collaborative and holistic manner. Stay informed and engaged with these critical housing policy discussions as we work together to build a brighter housing future for all.

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