Trudeau campaign plane damaged after getting hit by bus | Power & Politics
Trudeau campaign plane damaged after getting hit by bus | Power & Politics Trudeau campaign plane damaged after getting hit by bus | Power & PoliticsOwning a house should be a realistic life goal. It’S where you set down Roots where you raise a family where you grow old, but young people hoping to buy their first home just like their parents, did a generation ago are facing a tough. How Market liberal leader, Justin Trudeau, made a pitch today to people who are struggling to buy their first home? He says if elected the Liberals would expand the first time home buyer incentive program that his government initially brought in under its Canada’s housing agency, kicks up to 10 % of the purchase price of a home. Bringing Down the mortgage load for Boris is kind of like an interest-free loan right now, you’re only eligible if the home you want to buy is less than $ 480,000. Today, though, Trudeau said his government that capped a $ 789,000 for people living in hot markets like Vancouver and the greater Toronto area, to also promised to Target foreign buyers by introducing an annual 1 % tax on homeowners who don’t live in Canada. So how much would this help active home buyers? Paul Kershaw is a professor with the University of British Columbia, School of population and public health, as well as founder and Lead researcher of Generation generation from Vancouver, and she joins us from Toronto. Hi to both of you great to see you hello potential solution for posted it, I wanted to kind of layout for our viewers what the problem is. With your crush all start with you, how much of an issue is affordable housing? I would say that the housing challenges before younger Generations are second only in importance to The Climate challenges that we face in terms of sustainability mean the reality is that for a young person today across this country, they need to stay for about three teen years of Full-Time work to put together a 20 % down payment on an average price home back in the day when my mom started out it took 5 years, and if you hold it in specific markets like the GTA would take 21 years and 29 years. It’S really put home affordability, ownership Out Of Reach and, as a result, we really expecting young people to adapt and it’s difficult to adapt so long as we don’t articulate explicitly that we don’t want home prices to continue to rise. I think today was a good day for that hit hit on the fact that it happens in in specific markets even more so it like a problem is bigger in specific markets if you were identify those markets. Where is this? The problem is the problem most acute. Like Toronto or Vancouver, so all the places where the Liberals were actually proposing to at the the limits on this program. So that’s where we see the most pressure and to follow up on what do you think of the proposal that they made today? How much do you think it will help the problem? I need tool for first-time home buyers to help relieve. Affordability is really good on the on the other side of it’s really in the details. So this is a campaign promises, there’s no detail surrounded at this point, but the the amount that they’re proposing is good. I think the concern I have is about the they’re. Not expanding the amount of dollars are putting forces programs, so they kept it at one point to a billion over three years and it’s 400 million. So the question wouldn’t be as how far will that those dollars go also, on top of it all it’s great that they have this option, because not everybody has their parents to lean into to help help Finance. We know about 39 35 % of Canadians, the meaning to their family. So for those who don’t? This is a good option. However, you need to think through the program and what it means to you. So there’s a couple of complexities in here. First of all, it’s not free money. You need to pay it back after 25 years or when you saw property. The thing that people have to be prepared for when it comes to this offer is the fact that it can be more or less than it cuz. It’S dependent on the property value at that point in time. The other thing the thing through is not only do you have your you’re, actually reducing the amount of payment per month, but it’s between roughly estimate about 120 to $ 350. So it’s not a huge amount of money in these markets. Nothing has helped. They also to take into consideration that there’s also mortgage insurance premiums at the at the end of this. You have to go through make sure your test driving your mortgage, making sure you’re getting the right advice, otherwise, at the end of the day, could be surprised. South of the potential impact of this promised any help for first-time home buyers is actually a good thing, like some parties are actually proposing for instant extending the amortization period and allowing the younger Democrat and I’m borrowing more, was not only exacerbates their debt levels. But then further fuels price escalation and Holmes, so actually I’m part of an academic group to put a framework for federal policy, discouraging them from extending amortization.. I think the liberal deserve credit for not doing that, while simultaneously trying to read the needle to deliver some support for tickling these high. It is very expensive markets, and so we know from cmhc. Shared Equity approach will have a much more limited impact on the price escalation. Then would changing the stress test for mortgages or changing the amortization., And it is a leveling up of the broad quality of our housing policy discourse than we had at the national level. Do you think that will be enough to make a big difference for people in the GTA in Vancouver, where that that price is just so high compared to you don’t even on wireless IT? The reality is, there is no Silver Bullet for solving the housing crisis. There’S got to be a bunch of silver Buckshot today, actually press the most important Buckshot that we saw would be the talk about how we dial down harmful kinds of demand that are ultimately Clayton home prices beyond what young people can make in their local economies, and So, for instance, to your reference to the new tax on a speculators and foreign buyers that will kick in annually is that they really important development. We seen that to some degree in DC and Anna, but we should learn from those two provinces and ensure the problem. Doesn’T spread anywhere else in the country, and so it’s great to see a national party actually talk in this way, because at the end of the day, we make housing more affordable by not letting prices grow anymore and letting earnings catch up and that tax on foreign Ownership is 1 % annually. According to the Liberals, promise is that enough to discourage the practice. If you don’t see what unilaterally across the country, you just start to move the problem into say, come back or 8, then you know just to respond to Paul there. I think that there’s other ways that the government can actually start to influence this and help with shaving soap. You know it takes 13 20 years for consumers to save the number of bullets curtain, steamer to always rely on credit, and mortgage default Insurance. The program is why I like the two I like the program, but it’s not big enough to solve the problem, because one of the problems is really about Surplus and supply and I’m a big advocate Savings in and getting that discipline. Because when we do, research with consumers are talking about 40 % of people who steal at one point or another house, for it’s a big shift to go through it. No matter what you do or what decides your down? Payment is shift from no home to a home is a big move, so looking at savings programs looking across the Spectrum, making sure these programs can have an impact in the markets is really important and things that are easily explain to Consumers because they buying process is Hard, it is complex to people here everyday and that’s why you need the expertise, the advice around it. It’S not something that you just walk in and buy off the street like a can of Pepsi or not in. There definitely agree that we didn’t see a Panacea to rsr housing problems today. The first time home buyers program is useful, it’s better than we’ve had in the past, but no it’s not an entirely solve the problem and ultimately we need to have policy that wants to keep these prices stable, even tripping, so that earnings can catch up because savings Is so much more challenging for younger person today, back in the day when my mom started out, the average price of a home is about 4 times greater than full-time burning for a typical young person. Now it’s like 10 times across the country, so savings is just so much more challenging and really the solution comes in trying to address the price inflation, and I could really think them. Focus on supply of housing is something that we haven’t yet heard about from the liberal platform. I think one really inexpensive thing. They could do today any transfer to a municipal government that we make for housing or infrastructure that needs to be tied to at least in cities those cities meeting density Target so that we start using our residential and more efficiently and not privileging single-detached zoning, where nimbyism And gets in the way of adding that the mixed housing it would start to Price younger folk back in where I made more strict in the first place, but it’s been at the same time. It gets too hard to afford anything or tooth, not even for it to be able to purchase anything. How difficult is it for various parties to navigate that balance in the making these kinds of promises? I mean a lot of people make a lot of good income, but they don’t necessarily have the practices in place to save so part of what consumers need to think about is when they’re buying a home, and I think, over the past few years, people have been Worried about house pricing moving up and jumping in and maybe spending the time they need to think about what does it mean to my life? What does it mean down the road? So when you think about that home, all you see is what I want my Independence. I’D love to live there, it looks beautiful, but they haven’t test drove what a mortgage looks like or what the mortgages sells, but the actual cost of home buying itself right. So there’s what happens if your roof taxes is all those things. So I’m working through of an appropriate budget and in doing that beforehand, before you start the side, am I ready for home really really important? I guess I guess my question is more from the policy point of view, though, in that I get the onus on. Of course on the individual, but is there a is there a role for the government and maybe there isn’t, but is there a rule over it for the government in in 18? That process, I think so I mean we – help the government through registered plans all the time. I think they should think about how they help consumers. Save I mean parent, like I said, spend a lot of time at supporting our kids and they have to make a decision. Parents have to make a decision what they take away from their next day again, how that will actually impact them. There’S a lot of pressure on parents to help their children by that home. So it’s not just about the I’m home by IRS about the family, the generations. So how do we start if the government wants to create a policy or registered savings plan towards it or something along those lines? That would be very beneficial for consumers, but I really appreciate from both of you this evening and hopefully we can have you back to check in when the other parties make their specific promises on housing as well. Thank you very much, both of you, Paul Kershaw of generation squeeze and Nicole wealth of RBC Garfield by subscribing to the CBC News Channel or click the link for another video thanks for watching The Liberals had to replace their campaign plane after the a media bus struck the wing of the plane after it landed in Victoria.
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