Ron Lefebvre explains the impacts of the Liberal plan and the Conservative plan for supporting first-time home buyers on today’s radio broadcast of The Ryan Jespersen Show on 630 | CHED.
Edmonton – In their recent term in government, the Liberals implemented the First Time Home Buyer Incentive Shared Equity Program, which is now in place and available to eligible Canadians. The program provides interest-free financing for up to 5% of a resale home or 10% of a new home purchase for qualifying Canadians, which has the effect of reducing the amount of their mortgage loan and thereby reducing their monthly payment. When the home is sold or in 25 years, whichever comes first, the program participant must pay back the governments investment in their home, including any increase in value.
In the current federal election campaign the Conservatives have announced a different program to support first time home buyers. The Conservative plan would increase allowable mortgage amortization plans from 25 years to 30 years for uninsured mortgages and roll back the mortgage stress test implemented by the Liberal government which required buyers to demonstrate that they could make the payments on their mortgage at a higher rate than the actual rate their lender was offering.
Both of these programs are designed to help more Canadians get into the housing market, and both would achieve that goal in different ways. First-time home buyer programs are frequently used by Canadians and have a real and direct impact on many peoples’ lives. This is an issue that many people want to know more about, and want to understand better. Listen here now:
Ron Lefebvre has consistently been a top performer in this dynamic industry with recognition at the CMP Canadian Mortgage Awards, & CMP Top 75 Mortgage Brokers. He continues to set records including being ranked Top 10 Nationally in various categories. Currently serving on the Alberta Mortgage Brokers Association Board of Directors as the Government Relations Director he still works to help as many people as possible and believes in real relationships too, which is why he follows up for years to come, ensuring his clients always have the best mortgage for their needs.
Benchmark Mortgages Inc. is an Edmonton brokerage designed to establish meaningful long-term relationships with clients and help them achieve financial freedom faster with diverse and customized mortgage options. The term “benchmark” originates from the chiseled horizontal marks that surveyors made in stone structures as an established point of reference. By definition it is a mark that serves as a standard by which others may be judged or measured.