I promised yesterday, during Canada election season, I will keep you informed of any of the announcements by the political parties that may affect your Real Estate plans, hopefully positively.
So, I wrote the blog on Liberal’s announcement on the housing plan yesterday and today I am sharing NDP’s plan with you.
While Liberal’s plan got into more details and gave numbers and how they would achieve their plan, NDP’s statement spends more space in describing the housing shortage and its affordability in length, there are few details on the dollar numbers and how their plan would work.
One important suggestion they are proposing is what I have been saying for many years, perhaps someone made the effort to convey my suggestion to the policymakers in NDP.
The suggestion of increasing the Amortization period to 30 years would bring relief to many, as it would reduce the monthly payments and may qualify more people to be eligible for a housing loan.
While it sounds good for the time, but one should keep in mind that, with a traditional loan, the interest would increase, and it would take longer to repay the loan.
But it may not affect many as anyone paying 20% or more of down-payment already has the option for a 30-year amortization and the majority of people tend to opt for the longer period, to reduce the monthly payments.
I am always available to discuss further and find the best solution for your requirements and situation whether you are planning to buy or sell or both to move to a bigger house or downsizing.
There is always a better solution a professional can provide, sometimes beyond your thoughts.
If you have any questions or would like to discuss your unique needs and goals, please don’t hesitate to contact me at 416-908-5600. I’m here to help you find the perfect, tailor-made solution.
If you found this review helpful, I would greatly appreciate it if you could kindly leave a Google Review for my real estate services at
Thank you for your continued support!
A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
