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Eden Mesganaw

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Housing and the Federal Election

A message from David Oikle, OREA President

All three major federal parties have put recommendations from REALTORS® on the table to make the Canadian dream of home ownership more affordable, cut costs for first-time buyers and increase housing supply.

If previous elections were about jobs, jobs, jobs, this election is about homes, homes, homes and OREA is pleased to see housing affordability being a central focus of each of the three major political parties in Canada.

One Of Canada’s Largest Real Estate Lobbies Lost Their Sh*T Over An Election Promise

Published by Stephen Punwasi via Better Dwelling
AUGUST 24, 2021

One of Canada’s largest real estate associations was less polished than usual.. Earlier today, the ruling Liberal Party of Canada (Liberals) announced their housing platform for the election. Amongst the new proposed tools to tackle soaring home prices was a ban on blind-bidding. 

Liberal plan to ban blind bidding for homes ignites real estate skirmish

Published By Jacob Lorinc via Toronto Star
Thu., Aug. 26, 2021

For the Ontario Real Estate Association, it was as if the sky had fallen.

Liberal housing platform includes foreign home buying freeze, blind bidding ban

Published by Stephanie Hughes via Financial Post
Publishing date:Aug 24, 2021 

The Liberal Party is proposing to place a freeze on foreign home buying and to ban blind bidding as part of an election housing platform aimed at improving affordability in Canada’s major cities.

Party leader Justin Trudeau unveiled the platform in a speech to media in Hamilton, Ont., Tuesday.

Trudeau promises homebuyers 'bill of rights' and billions in new incentives to help Canadians buy a home

Article from RCI
Posted: August 24, 2021 9:22 PM

Liberal Leader Justin Trudeau promised Tuesday a suite of new measures to help Canadians buy a home at a time when the red-hot housing market has made owning property seem like a distant dream for many young people.

Federal Government Launches New Home Retrofit Grant Program

The federal government has launched a new program that offers homeowners grants to retrofit their homes and make them more energy efficient. The Canada Greener Home Grants program, funded to the tune of $2.6 billion, will offer homeowners grants of up to $5,000 that can be put toward energy-saving projects such as:

  • Improved insulation;

  • Air sealing, thermostats;

Tougher Minimum Qualifying Rate for Mortgages as of JUNE 1st, 2021 Explained

On April 8th, 2021, the Office of the Superintendent of Financial Institutions (OSFI) proposed a tougher minimum qualifying rate for uninsured mortgages.

As proposed, it will be the higher of these: the mortgage contract rate plus 2%, OR a 5.25% floor rate.

This is 0.46%-pts higher than the current stress test qualifying rate of 4.79%.

On June 1st, 2021 (the proposed start date) should nothing change, it would be slightly harder to get approved for a specific type of mortgage. When we say slightly, the impact on purchasing power is roughly 4-5%.

Why For Sale By Owners lost 15-28%of value of their home?

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Housing market headed for soft landing by 2022: RBC

Published by Arturo Chang, BNN Bloomberg on Jan 13, 2021

Canada’s housing market may be heading for a soft landing at the end of the year after what could be a record-breaking 2021, a new report by RBC Economics said.

NAR Stats

Published at NAR website on November 11, 2020

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