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    Canada Tries To Bail Out Real Estate Developers With 30-Year Mortgages – Better Dwelling

    Bytes Europe

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    2 Comments

    1. couchguitar on

      Disgusting industry lobbying. Why does it have to apply to only first time buyers? Why only new builds? Why only if you have an insurable mortgage?

      So many caveats, but allowing the $60,000 RRSP withdrawal limit might be good if you had say $120,000 in your RRSP.

      But how many young people have $60,000 in their RRSP? Is real estate a good investment in comparison to the RRSP growth you will miss out on? Housing has performed well but only because of the low interest rate environment after the 2008-09 Great Recession hit. A recession that may come about yet again and possibly wipe out any gains.

      Do young people realize that these are front-loaded loans that you pay the interest on first for the first decade without gaining much equity?

    2. Wabi-Sabi-Kemosabe on

      “The big difference is the US openly stated these measures were designed to stimulate demand and increase home prices, whereas Canada has said the same type of strategies will improve affordability. 

      It’s an odd sales pitch, since virtually no data agrees with it”