(Toronto) The head of Canada’s Housing Authority says measures like extending mortgage repayments and changing the eligibility threshold for an insured mortgage are not the answer to the country’s housing affordability problems.
Romy Bowers, president and CEO of Canada Mortgage and Housing Corporation (CMHC), points out that as interest rates rose, people saw their mortgage payments increase rapidly.
She is not in favor of extending the repayment period, believing that this decision would only improve credit accessibility.
She says longer repayments would lower a borrower’s monthly payments but increase costs over time.
MMe Bowers adds that changing the $1 million cap on insured mortgages is also not a magic solution to housing affordability.
Rather than stimulating demand with such measures, she would like the country to focus on increasing supply, which Canada has lacked for years.
Incurable food practitioner. Tv lover. Award-winning social media maven. Internet guru. Travel aficionado.
;Composite=(type=URL,url=https://images.radio-canada.ca/v1/assets/elements/16x9/outdated-content-2013.png),gravity=SouthEast,placement=Over,location=(0,0),scale=1)
