OREA Statement on CMHC commitment to helping self-employed & new immigrants achieve home ownership

“Buying a home is the largest, most important decision Ontarians will ever make. Ontario REALTORS® commend the Canadian Mortgage and Housing Corporation, an agency of the federal government, for today’s commitment to reduce red tape for self-employed entrepreneurs and new immigrants looking to buy homes and helping them achieve the Canadian dream.

Governments at all levels should be adopting a policy of doing no further harm when it comes to people’s largest investment - their home. The cumulative impact of federal mortgage rule tightening, higher interest rates, increases to the Toronto Land Transfer Tax and the Government of Ontario’s Fair Housing Plan risks undermining the primary asset of Canada’s middle class: the family home and weakening our economy. It’s time to pump the brakes on further government interventions to reduce housing demand.”

- Tim Hudak, CEO – Ontario Real Estate Association