Friday, July 24, 2015

Builders call for longer amortizations for first-time buyers

A body that represents Canada’s home builders is pushing the federal government for changes which would make building and buying a home easier. Among the measures that the Canadian Home Builders Association is calling for is longer amortization periods for first-time buyers. The Globe and Mail has obtained government documents that show the CHBA had 61 meetings last month with officials and politicians to discuss proposals such as reduced taxes for home building and renovations. Although the government’s policy has been for shorter mortgages; cutting the amortization for CMHC-backed home loans from 35 to 25 years under Jim Flaherty; the issue of overheated housing markets continues. The CHBA hopes that politicians will adopt some of its proposals as campaign issues in the coming months.

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