While the assistance is welcome, its upper limit still doesn’t buy very much in the region’s pricey property markets.
The mortgage help for first-time homebuyers included in the recent federal budget sounds like a good deal to Maple Ridge heavy-equipment operator Ben Desautels, but he fits into a sweet spot of buyers that the program targets.
“I’m all in for it, if I can get it to work for me,” said Desautels, who just learned of the program from his realtor as they prepare to put in an offer on a home. “I think it’s a great opportunity for people who need that extra help, especially being a first-time buyer. It’s a huge deal as it is.” “At $480,000, you have limited to no options for first-time buyers in , the downtown core especially,” said Royal LePage realtor Adil Dinani. “It’s a little bit underwhelming.”
However, the equity-mortgage incentive carries less risk of giving buyers the ability to bid up prices and re-inflate the market than easing up on mortgage stress tests, said University of B.C. academic Tom Davidoff.
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