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Mortgage Brokers Looking to Work with Upcoming Budget Measures to Support Home Ownership in British Columbia

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The Canadian Mortgage Brokers Association – British Columbia (CMBA-BC) is encouraged by measures announced in today’s Federal Budget that will support opportunities for home ownership in British Columbia, and across Canada. CMBA-BC is committed to working with both levels of government and financial regulators to support housing affordability and home ownership for more British Columbians.

“We welcome last week’s initial announcement by Minister Freeland to take introductory measures to support first-time homebuyers and those seeking to enter the housing market”, said Marci Deane, CMBA-BC President. “While these are encouraging steps, we know that further policy changes will be needed in order to more broadly help British Columbians who feel priced out and ignored by policymakers.”

On April 11th Finance Minister Chrystia Freeland announced a series of measures further clarified in today’s 2024 Federal Budget that aim to make home ownership more accessible for Canadians. This includes a proposal for first-time homebuyers to be able to withdraw up to $60,000 from their RRSP to put towards a down payment, up from the current $35,000 maximum.

Budget 2024 also proposes to amend the mortgage insurance rules in the Canadian Mortgage Charter to allow 30-year amortizations for first-time homebuyers purchasing new builds as of August 1, 2024.

“CMBA-BC members support measures like these that will assist and enhance opportunities for home ownership in BC and indeed across Canada”, added Deane. “We understand that today’s economic reality poses barriers to affordable housing and obtaining suitable mortgage financing, and believe that our members, as qualified mortgage brokers and industry professionals, are well-poised to support Canadians as they navigate homeownership.”

Mortgage Brokers always act in the best interests of British Columbians, working to secure competitive financing tools, helping to navigate the home-buying process, and working with existing homeowners on refinances and other processes.

CMBA-BC’s annual conference currently taking place and concluding today was an opportunity for our members to reaffirm key priorities that they will continue to advocate for while working with regulators and policymakers. These measures will enhance opportunities for home ownership, and take steps to tackle housing unaffordability, while bringing housing sector leaders together to continue placing the best interests of British Columbians first.