Campaign promise could help agents

by Jennifer Paterson14 Aug 2015
Another campaign promise from the Conservative government could create an opportunity for first-time buyers, and by extension their agents.
Clearly, said Phil Wazonek of Distinct Realty Services, “the opportunity would encourage renters to buy.”
While campaigning in B.C. on Wednesday, Prime Minister Stephen Harper announced that a re-elected Conservative party will increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000. Introduced in 1992, the program allows Canadians to borrow, on a repayable basis, from their own Registered Retirement Savings Plans to purchase a home.
“It was introduced in 1992, so this $10,000 increase is not as big as it first appears, given the effect of inflation – but still a good idea,” says Wazonek. “As [the Canadian Real Estate Association] indicates, 2.8 million Canadians have used this program so it is quite popular.”
The changes, if implemented, would encourage more renters to make the move into homeownership, taking tenants from the rental pool. But, as Wazonek notes, it could benefit agents who are tapped into first-time buyers.
The Canadian Real Estate Association has already expressed its support for the proposal.
“By reducing or avoiding mortgage default insurance fees and building home equity sooner, Canadians can put their own money to work for them,” said Pauline Aunger, president of CREA, suggesting a number of buyers would opt for a convention mortgage and effectively bypass the need for mortgage insurance. “Maintaining the value of the HBP by increasing withdrawal limits is critical.”


  • by Amanda Booand 8/14/2015 10:55:09 PM

    An extra 10,000 withdrawal on CPP will not be a game changer in the world of real estate; stronger middle class which is the promise of the Liberal party by lowering taxes is the way to strengthen our economy and stimulate the real estate market! The conservative government wants to raise the age of retirement by two years! In my opinion Stephen Harper cannot be trusted and has been caught many times in just the past two weeks in lies and deceitful statements! For the love of Canada do not vote conservative for they will see us in a police state with our privacy rights, freedoms and liberties diminished for the sake of security! They think they know how you should live your life and will put laws in place to ensure it. If you value your right of choice and freedom of speech do not vote conservative! Vote Liberal for Justin Trudeau for the land of the free; Canada, where your choice and freedoms matter!

  • by Maxy 8/17/2015 10:16:35 AM

    Thanks Amanda. About time we refuse to be ruled by politics of fear and hand out. We have been copying President Bush's politics of fear that drove US into war of attrition against the innocent people of Iraq. See what Iraq is today compared to what it was before invasion. I am not going to tell any Canadian who to vote for. However, if you believe that the recent Child Benefit handout from our government is benevolence think again. The national broadcast icon, CBC, is so pomelled by our government and starved of funding that lawn signs are popping up declaring "WE VOTE FOR CBC". Tear down public services and use the "savings" to fund election time hand outs. If such handouts during election happened in one of the so called third world countries, we will denounce it as "Vote Buying". If it happens in Canada, it is "money in the pocket of families". Who is fulling who? Real money in the pocket of families will be reducing or eliminating interest rate on students' loan, extending the repayment start time, and establishing universal child care. Young parents are struggling with the burden of childcare. Our future lies in the quality of life of our children. No amount of investment in children is too much. While security of nation is important, we will all agree that the most stable nation is not necessarily the most militaristic nation. Let us do away with strong arm politics and politics of fear.

  • by Sparky 8/17/2015 2:50:23 PM

    Glad there's some sense in the two previous posts. If anybody wants a history on the Conservative PM (can't say his name as it makes me sick) Issues May 18th 2015 and Part 2 of the series.

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