The federal government had announced on Monday, that it is implementing several new measures in attempt to stabilize the Canadian House Market, especially in hot areas such as Vancouver and Toronto. One of the measures being:
"As of October 17th this year, all new insured mortgages will face tougher stress testing, meaning mortgage applicants will have to qualify for a loan using a higher interest rate than before. As well max. 25 years amortization for mortgages."
Now, I could be wrong, however, I strongly believe, that this will mostly affect First Time Home Buyers, making it it almost impossible for our young people, young families to buy their own home. Is that really what we want to achieve here, to have a generation of renters with no hope to ever own their home? What happens to the Canadian dream?
This people are already having it hard, having to accept jobs with less pay than their qualifications, no job stability, or hope that when the time comes for them to retire, the system and retirement funds are going to be stable. How many of us believe, that our home will be our retirement funding, and that possibility is being taken away from the young generation. We all need hope for the future, and when our hope is taken away, what are we left with?
This are just my thoughts, what are yours on this?