The Canadian Home Builders’ Association (CHBA) has been monitoring all political parties as they announce platform measures to improve housing affordability. Today’s announcement from the Conservative Party of Canada – that it would introduce new measures to make it easier for first-time homebuyers to purchase a home – incorporates key measures that CHBA has been recommending.

“Measures such as fixing the mortgage stress test and increasing amortization periods on insured mortgages to 30 years for first-time homebuyers, and making use of federal lands to increase housing supply are recommendations that CHBA has asked every federal party to adopt. We are glad to see that parties are listening,” said CHBA CEO Kevin Lee.

“Today’s announcement aligns with our Association’s recommendations that every federal party introduce smart and sensible housing policy measures to improve housing affordability for all, especially well-qualified first-time buyers that have been locked out of homeownership in recent years. These three measures answer the call for unlocking the door to homeownership.”  

CHBA has already taken note of other election platform measures that other parties have introduced. The Association has also welcomed the New Democratic Party of Canada’s promise to re-introduce 30-year terms to mortgages for entry-level homes for first-time buyers. 

Shared equity mortgages are a measure that the Association supports for those requiring a hand-up, such as the Liberal’s First-Time Home Buyer Incentive. While shared equity mortgages are appropriate for some as a complement to mortgage rule adjustments, modifying the stress test smartly and providing 30-year amortizations for well-qualified first-time buyers are the best approaches to unlock the door to homeownership without causing undue risk to the financial system.

Continue to follow affordability.ca to keep up to date on how the federal parties are promising to address housing affordability concerns facing Canadians.

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