Tim Hudak
Tim Hudak

The Ontario Real Estate Association (OREA) is calling on the federal government to “reverse detrimental policy changes that deliberately and unnecessarily have made it harder for families to borrow responsibly in order to purchase a home.”

“With just under 100 days until the federal election in October, all four parties are missing a clear opportunity to offer a comprehensive plan to turn the declining home ownership trend around, keeping the dream alive for tens of thousands of young families,” says Tim Hudak, OREA CEO, in a news release. “It’s an urgent issue that needs to be addressed – and whichever party does so stands a good chance of winning, especially in the vote-rich GTA and lower mainland of B.C.”

OREA is calling on the government to

  • Restore 30-year amortization periods for people with insured mortgages
  • Move to a “more flexible and reasonable” mortgage stress test than the current one and
  • eliminate the stress test “for careful savers renewing their mortgage with a different lender.”

“These restrictions in particular are unfairly disadvantaging home buyers, especially millennials looking to enter the market for the first time or young families looking to move up,” says Hudak. “Ontario Realtors are continuing to fight for families who are having their dream of becoming homeowners dashed by bureaucratic overreach in the mortgage market, outdated red tape and expensive regulations restricting housing supply and choice across the country.”

OREA says a survey by research firm Navigator supports these proposals, with 60 per cent of Ontarians saying they support a 30-year amortization period for insured mortgages. Fifty-eight per cent of Ontarians aged 18-34 support the federal government lowering the minimum qualifying rate for uninsured mortgages, with 51 per cent of all Ontarians also supporting the move.


  1. Every time the Government puts their two cents in and get involved in trying to change the normal course of real estate business transactions like they have in adding the stress test into the mortgage rules, the housing market takes a hit. Would it NOT make sense for the Government to ask the Real Estate Industry for advise, before implementing stupid rules. I am sure that we working in the Real Estate Industry know a hell of a lot more about Real Estate then the people sitting in Ottawa. Now what has happened is People lose faith in the economy and start to worry, prices drop, more Power of Sales come on the market, less new homes being built, first time Buyers cannot qualify for a mortgage, move up buyers are reluctant to move up, families in a mortgage cannot shop around for better rates when their mortgage becomes due for fear of not qualifying, BANKS make more money, and we are headed towards a recession. WOW, great decision making by our Elected officials!!! I do not have a problem with the foreign tax although it was introduced way too late. What the Government should have implemented was a 50% Speculation tax on Investors and Buyers who purchased homes and Flipped or Sold them on assignment or Sold them within the First Two years of buying them.They can also initiate a Vacant Home Tax as this causes a shortage of Rental Properties and increases the prices of Rental properties. These are the people that the Government should be going after NOT Families who are Buying their home to live in. They are the ones that have escalated prices and caused a frenzy in the real estate market. What the Government must immediately do is get rid of the STRESS TEST Rules.The Government should relax the Self Employed or Small Business Rules as well as they are the backbone of Our economy. Let the market take its normal course of action and it will balance itself out like it has over the last hundred years.

  2. Bill Morneau, being the scion of a rich family has told me that debt levels are ”too high” and is not interested in helping young families achieve a perfectly normal dream of home ownership. It doesn’t apparently matter to him that these young people have the ability to pay their mortgage. So then the rental market is impossibly over heated making it virtually impossible for lower income families to find any kind of rental. The result is overcrowding and homelessness. But does this little rich boy care? NO he doesn’t.

  3. The Banks for a year were instructed to allow non-resident purchasers with 30% down to mortgage the balance with no proof of ability to re-pay, while at the same time forcing tax paying Canadian first time buyers to have to qualify at 2% higher than currently posted rates, treating them as though they were complete idiots not noticing rates were climbing. Sooooo make the Banks and Mortgage lenders, once a year through the term of the mortgage advise, by letter, what the payments would be, based on rates at that time. We took way too long to bring in the 15% tax and should also ASAP be applying the vacancy and any other applicable tax to non residents who are already flipping the properties, with no tax on the profit.


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