Canada to allow some first-time home buyers to pay off mortgage in 30 years
Canada to allow some first-time home buyers to pay off mortgage in 30 years
I'd love a housing crash. I get thats unpopular to owners, landlords and those that just but, but I'd like one.
Honestly, as someone looking to buy a house right now, I'd be fine with the market crashing afterward.
Of course, there would be unfortunate side-effects along with such a crash, but I'll gladly take a hit if it means affordable housing for Canadians.
As a homeowner, it wouldnt be the end of the world if my home value went to zero (exaggerating here) but it meant my young coworkers could afford to buy a place.
I still have a place to live after all
As long as you don't have to renew your mortgage. Might be in trouble then
According to the numbers, we need 3 solid crashes to normalize pricing.
Three.
On one hand, it kind of needs to happen. Our economy as a whole is overleveraged on housing. On the other hand… A large proportion of our MPs are either landlords or reported housing related income, too, so why would they want things to change?
I’m in the unfortunate situation that I can’t possibly wait it out, for accessibility reasons. I’m utterly pissed off at the idea that I’m probably throwing way my life savings at a card castle that’s waiting to crumble. It’s just completely fucked up.
its completely ridiculous too from a value perspective. like really? 10 years ago this was 300k, what about it now makes it 1.3 lM? same with groceries I just don't believe that the prices are "real". I've seen a bunch of ads for toronto condos too, I feel like they're pumping a little too hard and it'll hit a breaking point. IDK, thats just the vibe i'm getting.
I own, bring on a crash. It also strains me in how I can move about and what I can get next.
I owe a house. I'd still welcome it.
I'm not sure who this helps: the same buyers who want to buy a home can't save for retirement, either.
This seems like something being floated to a middle class that doesn't really exist any more.
Our governments are willing to do anything--anything--about housing except for building more of it directly, or punitatively taxing speculators and investors that hoard it. You know, the two things that would most help people. Or rather, would help people who aren't investors or developers.
So true. This just allows you to give more of your money to a bank over your lifetime. People almost always end up spending as much as they possibly can on a house, usually because they're in competition with a big cohort with similar income in any given area. This will just raise prices as people can get bigger loans.
As a current homeowner, I'm ok with prices going down if more owner-occupiers are actually getting into the market (and ending up as owners not just tenants to the bank). But as long as speculators and corporations can sweep in and steal the deals these lame policies just feel like more corruption.
Doesn't this just free up more money for real estate? Like, now first time buyers will be able to pump more money into the housing market?
We need to be getting money out of real estate. Remove/lower the tax breaks for home ownership. Set a reasonable lifetime maximum for income tax deductions on sale of a primary residence. Just stop pouring gas on the fire.
That RRSP change might be an even bigger deal - the cost of a down payment has been a major obstacle.