CHBA Day on the Hill Provides an Opportunity for Parliamentarians to Help Canadians Unlock the Door to Homeownership

Ottawa, February 27, 2019 – The Canadian Home Builders’ Association (CHBA) met with Members of Parliament and Senators yesterday to provide practical solutions to address the housing affordability challenges facing Canadians today, including millennials and new Canadians.

CHBA’s recommendations:

CHBA encourages the government to take action immediately to address the mortgage system given today’s changed economic conditions and the challenges facing buyers, industry, and local economies:

Fix the stress text by introducing a varied stress test tied to the mortgage term and conditions.

Reintroduce 30-year insured mortgages for well-qualified first-time buyers.

(To view all recommendations and details, click here.)

A national poll conducted in 2018 by Earnscliffe Strategy Group for CHBA found that 3 out of 4 Canadians think when you are middle class you should be able to own a home, but 76% think soon only the rich will be able to afford to own a home. Two in three think changes are needed to help would-be first-time homebuyers. And now in a January 2019 CHBA survey of its members, 95 percent of builders and developers are reporting that the stress test implemented last year is having a negative impact on their sales. The same survey showed a 33% drop, year-over-year, in sales to first-time home buyers.

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