VAUGHAN, ONT. — Former prime minister Kim Campbell’s glib quip about general elections being no time to talk about serious issues applies doubly when it comes to political parties meddling in the housing market.
The Conservative leader will also increase the amortization period on insured mortgages for first-time buyers to 30 years from 25 years, lowering monthly payments. The Liberals have chimed in with a sweetening of the First-Time Home Buyers Incentive that was unveiled in the last budget. It offered a “shared equity mortgage”, where the government gives first-time home buyers 5-10 per cent towards the value of their home, with no interest required. The catch is that when the house is sold, the government takes back the same percentage, which doesn’t sound a great deal for anyone planning on renovations .
The most recent Abacus opinion poll suggests Justin Trudeau’s personal ratings have slipped in the wake of the release of the blackface photos. But approval for Scheer, NDP leader Jagmeet Singh and Green leader, Elizabeth May has also deteriorated.
Scheer was careful to say he would “fix” or “review” the stress test, rather than kill it, but he blamed the more stringent criteria for making it more difficult to qualify for a mortgage. Debt as a percentage of disposable income remains high in Canada – around 178 per cent – but mortgage delinquency rates remain extremely low because of sound regulation.