But the measures for first-time buyers are what really stand out on the personal-finance side. One of them, the First-Time Home Buyer Incentive, looks helpful in a preliminary way. Important details, notably on repayment terms, will be released later this year with a planned September, 2019, start date. What we know so far is that a fund administered by federal agency Canada Mortgage and Housing Corp.
The HBP is an unfortunate program. Almost 450,000 people used it between 2012 and 2016, so it’s an essential home-buying tool. But it also encourages young people who are smart enough to start saving for retirement to undo that good work so they can buy a house. Some backhanded help for young home buyers comes in welcome changes to the interest rates on student loans issued by the federal government. The budget estimates total savings of $2,000 for the average borrower as a result of these measures, which means they will be able to exchange their student debt for mortgage debt sooner. Or, car debt. The budget includes an incentive of up to $5,000 for people buying electric battery or hydrogen-fuel-cell vehicles with a list price less than $45,000.
globeinvestor Thank God. Now the average family can finally buy a $800,000 starter home. The real issue was access to financing, not that homes increased / are increasing at many times the rate of inflation.
globeinvestor Resolve ? All they did was make our children, grandchildren and great grandchildren responsible for peoples mortgages They are hoping millennials are selfish enough not to consider the long term effects on future generations and the debt it will create for them
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