The Election will drive the housing economy soon, let's wait and see who we vote for
2019-10-08 | 10:55:01
It was the third consecutive month that the number of properties sold was up from the same period last year. Prices, however, continue to slip: the benchmark home price fell 7.3% in September compared with the same month last year, according to the Real Estate Board of Greater Vancouver.
Both the Liberal and Conservative parties are promising to make home buying more affordable in the current federal election campaign. Prime Minister Justin Trudeau is pledging to boost the cap on homes eligible for a 10% government-equity stake to almost C$800,000 in costly markets like Vancouver and Toronto while the Conservatives plan to extend mortgage amortizations and ease qualifications.
The Goverment realizes their policies have slowed the real estate market and it has affected the economy and jobs, on one side Mr Trudea offers extra downpayment which falls into the tax payers arcades so it only increases debt, the Conservatives offer a more economy oriented option that makes it eaiser for people to obtain a loan due to a longer amortization.
We will se this month what our option is after the Election.