The Trudeau Government has announced new measures that will affect the Canadian housing market and it is being criticized. MP for Grande Prairie – Mackenzie Chris Warkentin argues that the new changes will make it harder for Peace Country families to purchase a home. The changes include closing tax loopholes that had previously allowed people to save money. New rules say it is mandatory for people selling a home to report any gains on their tax return. Any fixed-rate loans of 5 or more years will be put under a stress-test.
Warkentin is calling the change a “one-size fits all approach” and says Economists predict that the new policies will reduce the value of homes across the country by about 10 per cent. He adds that purchasing power for home-buyers will go down by as much as $150,000.