Federal money may be coming to help with real estate purchases

Federal money may be coming to help with real estate purchases

On Behalf of Porter Ramsay LLP | Jan, 29, 2019 | Real Estate Law

The federal government may step in with some sort of financial help for younger people aiming to own their own homes. In British Columbia as in other provinces, the dream of homeownership is slipping away from many, especially millennials. Escalating prices and federal stress tests have made owning real estate a far-fetched notion for many Canadians. The federal Liberals are on a mission to engage younger voters for a strong election turnout, according to some analysts.

Federal Finance Minister Bill Morneau didn’t elaborate on what options the government is considering, but that more information would be forthcoming when he releases the budget prior to the election in October. Affordable housing is high on the agenda of issues brought forth by Canadians. University of British Columbia professor Paul Kershaw recommends the government should put zoning rules in place encouraging neighbourhoods with a lower density.

Many millennials believe that the feds have actually made it more difficult for them to purchase homes. With this in mind, it’s likely the Liberals will step up their game in this election year, according to some experts. The government is looking for ways to help millennials enter into the market since once they’re there, most wouldn’t have difficulty making mortgage payments.

The real estate market is forever evolving. Whether a British Columbia resident is buying or selling a residential or commercial property, it is wise to get professional legal advice from an experienced lawyer — even when just starting to consider getting into the market. For most people buying real estate is the biggest financial investment they will make in their lives. To have deals go sideways would be tragic, especially when a lawyer’s guidance could have helped a deal go smoothly.

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