Clinton Wilkins joins the 'Now You Know' Show with Rob Snow, on City News to chat about a returned opportunity for first-time homebuyers! The Bank of Canada recently announced the return of the 30-year mortgage for new home buyers on new builds. Clinton thinks this is also an opportunity to motivate contractors and developers to get new construction going in the province. The two discuss what that means for amortization, and passing the stress test. Lastly, Clinton holds firm to his optimism about cooling interest rates.
Global News Update April 13 – The Federal Plan to Address Housing Crisis in Canada
Clinton Wilkins joins Global News as they report on the Federal plan for addressing Canada’s housing crisis. Included in the report are comments from the Federal Housing Minister, Sean Fraser, emphasizing collaboration across all levels of government to improve affordability and accessibility of housing.
Sean Fraser
I really do sincerely believe that we can solve the housing crisis, but it’s going to take us all pulling in the same direction.
Vanessa Wright
Confident in his strategy, Federal Housing Minister, Sean Fraser says Canadians can dream again for things like homeownership and housing affordability. On Friday, the federal government unveiled a comprehensive plan, which included both new and old policies, all with ambitious targets. Including one to build more than 3 million homes by 2030.
Clinton Wilkins
I think it’s going to be a huge stretch. You know, I think it’s going to start with all levels of government working together to get these shovels in the ground.
Vanessa Wright
Minister Fraser says they’re prepared to roll up their sleeves, as their plan seeks to protect and enrich the rights of both homeowners and renters.
Sean Fraser
We think that if you pay your rent every month that ought to account for something. We’re working with financial tech companies to create pathways that will allow your rental history to count towards your credit, if you choose. And then if you’re buying a new home, like a condo, for example that’s been built, we’re going to create a new opportunity to stretch out your mortgage payments over 30 years instead of 25.
Vanessa Wright
And here at home.
Sean Fraser
This has Atlantic Canada’s fingerprints all over it.
Vanessa Wright
Fraser says there is opportunity to leverage home building factories.
Sean Fraser
Which we do have in Atlantic Canada today, and some changes to the rules that make it easier to build homes within given communities; by changing zoning practices and faster permitting practices.
Vanessa Wright
Now in terms of timeline, Minister Fraser says he’d like to see these policies implemented as quickly as possible, but admits it will vary depending on the individual policy. As for now he hopes to incentivize provinces to get on board in a collective effort against a crisis that’s touching every part of the country. Vanessa Wright, Global News, Halifax.
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