{"id":4606,"date":"2017-01-26T11:11:56","date_gmt":"2017-01-26T19:11:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4606"},"modified":"2017-01-23T18:50:51","modified_gmt":"2017-01-24T02:50:51","slug":"first-time-buyers-need-genuine-help-not-coddling","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/first-time-buyers-need-genuine-help-not-coddling\/","title":{"rendered":"First-Time Buyers Need Genuine Help, Not Coddling"},"content":{"rendered":"<p style=\"text-align: justify;\">Contrary to fears that the CMHC\u2019s mortgage insurance premium hike earlier this week will make purchasing more difficult for hopeful home owners, a long-time industry analyst argued that the CMHC decision is a valuable first step towards making the national housing market more accommodating towards this consumer class.<\/p>\n<p style=\"text-align: justify;\">In his January 17 column for The Globe and Mail, markets observer Rob Carrick characterized the real estate industry\u2019s response to the hike\u2014which increased premiums on the mortgage default insurance that home buyers have to service if they put in less than 20% for down payment\u2014as an attempt to pander to first-time buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cExpect this increase to be added to the grievance list of people who work in the real estate-industrial complex \u2013 agents and mortgage brokers, plus others who make a living from home sales. They are working hard to portray first-time buyers as martyrs to government policies designed to cool down the housing market,\u201d Carrick wrote.<\/p>\n<p style=\"text-align: justify;\">\u201cBut these measures are not just necessary \u2013 they may also help to make houses more affordable by containing price increases or causing them to fall,\u201d he added. \u201cCMHC is increasing premiums to boost funds available in case there\u2019s an economic shock of some sort and mortgage defaults soar. High house prices increase this risk because people must stretch their finances to get into the market and then afford the full array of costs as a homeowner.\u201d<\/p>\n<p style=\"text-align: justify;\">Provincial governments have not been immune to misguided responses, as well.<\/p>\n<p style=\"text-align: justify;\">\u201cOntario is offering a limited break on land-transfer tax, while the BC government is offering loans to first-time buyers to help them put together a down payment on homes costing up to $750,000,\u201d Carrick explained. \u201cMeasures like these incrementally support more home buying, which in turns pushes prices higher. Worse, we end up helping people get into the market while ignoring the much more important question of how they\u2019ll be able to afford their mortgage over the long term.\u201d<\/p>\n<p style=\"text-align: justify;\">Carrick concluded that the government, and not the industry\u2019s self-interest, is better situated to effectively deal with the long-running affordability crisis.<\/p>\n<p style=\"text-align: justify;\">\u201cThe wrong approach is to offer cosmetic, politically expedient help to young buyers that fails to address the reality that it\u2019s way more of a burden to own a house than it is to buy one.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/firsttime-buyers-need-genuine-help-not-coddling--analyst-219927.aspx\" target=\"_blank\">First-Time Buyers Need Genuine Help, Not Coddling<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contrary to fears that the CMHC\u2019s mortgage insurance premium hike earlier this week will make purchasing more difficult for hopeful home owners, a long-time industry analyst argued that the CMHC &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/first-time-buyers-need-genuine-help-not-coddling\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4606","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>First-Time Buyers Need Genuine Help, Not Coddling &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/first-time-buyers-need-genuine-help-not-coddling\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"First-Time Buyers Need Genuine Help, Not Coddling &#8226; 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