Timmins-James Bay MP Charlie Angus says the new mortgage rules that came into effect earlier this week will limit first time home buyers here in the North.
Angus says the main reason these changes were put into place is to cool down the housing market in urban areas like Toronto and Vancouver. Angus adds this could make it harder for anyone looking to buy their first house as any down payment under 20 per cent will be subjected to a stress test.
His major concern is the fact that young families and anyone who’s starting out are once again being impacted while the rich can continue to buy and sell whatever they want.
Angus says the cost of housing is much cheaper in Northern Ontario than it is in the South, but he adds that going forward he would like to see a national housing strategy put into place. The MP also says we need to have more co-operative and geared to income housing so people can have the luxury of owning their own place.
Angus says a proper housing plan is needed especially in the North with the increasing senior population. He says you’re going to see seniors who can’t afford to live in their houses, especially in rural areas and with no place to downsize in town they will be forced to move down south.
The MP says it will remain to be seen the impact these changes will directly have on Northern Ontario.