Morneau faces pressure to help first-time homebuyers in March budget [Toronto Globe and Mail (Ontario, Canada)]
Genworth Financial Inc (GNW)
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Source: Toronto Globe and Mail
Morneau faces pressure to help first-time homebuyers in March budget Federal Finance Minister Bill Morneau is facing growing pressure from Canada’s real estate industry to use his March budget to help first-time homebuyers as house sales continue to slump in many major markets. In recent weeks, organizations representing real estate agents, home builders and mortgage lenders have separately met with government officials and politicians to pitch their lists of reforms. While there is no broad industry consensus about what changes are needed, the main proposals on the table include modifying new mortgage stress-test qualifying rules, expanding the 25-year amortization period for insured mortgages, increasing the amount first-time buyers can take from their registered retirement savings plan for down payments, and raising the first-time homebuyer tax credit. Story continues below advertisement The lobbying comes as home sales have slowed in most markets in Canada, particularly in the Van
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