TREB Statement on First-Time Buyer, Speculation & Vacancy Tax Announcements
Today’s First-Time Home Buyer program announcement responds to the fact that housing markets vary from region to region, something TREB has long pointed out. The higher limits now take into account higher priced properties in markets like Toronto and Vancouver. We also believe that our recommended solutions, including revising the mortgage stress test and bringing back 30-year mortgage amortization, will be effective in addressing ownership housing affordability. Further analysis is required to understand if today’s proposed speculation and vacancy tax announcement will help increase the supply of available housing over the long term, or aid with affordability. We’re also keen to hear from the other federal political parties regarding their platforms on measures to assist with home ownership affordability.