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e-4634 (Economy and finance)

E-petition
Initiated by Sana Waqar from Oakville, Ontario

Original language of petition: English

Petition to the House of Commons

Whereas:
  • Average selling price of a condominium in the Greater Toronto Area to be $737,868, exemplifying the significant financial challenges prospective homeowners face in key urban markets;
  • CREA records demonstrate the national average house price, remaining within the $680,000 to $700,000 range for four consecutive years, thus underscoring nationwide reach of elevated housing costs;
  • Current regulations set by the Canada Mortage and Housing Corporation (CMHC) necessitate a minimum equity requirement which, being outdated, imposes undue financial strains and barriers upon a majority of prospective buyers;
  • CMHC’s stipulated maximum property value for insured mortgage loans is confined below $1,000,000.
We, the undersigned, citizens and residents of Canada, call upon the House of Commons to urgently deliberate and initiate a comprehensive review process aimed at redefining the CMHC’s minimum equity limits and maximum insured loan value limits.
Further, we propose:
1. The implementation of a nuanced, tiered increment system in these limits to ameliorate the excess financial burdens currently shouldered by first-time home buyers, who are compelled to resort to private lenders or 'B' lenders who impose additional charges for qualification at the average condominium or townhome price as primary properties;
2. A reconsideration and revision of the CMHC’s current thresholds, advocating for a differentiation between first-time home buyers and investment property buyers, to foster an equitable, accessible, and sustainable homeownership landscape in Canada.
We thereby urge the House of Commons to prioritize and expedite the discussion of this petition in a forthcoming parliamentary session, facilitating prompt, necessary adjustments to the regulatory frameworks governing homeownership, mortgage qualification, and real estate investment in Canada, in alignment with contemporary market conditions and in promotion of the broader public interest.
Open for signature
November 15, 2023, at 3:54 p.m. (EDT)
Closed for signature
March 14, 2024, at 3:54 p.m. (EDT)
Photo - Melissa Lantsman
Thornhill
Conservative Caucus
Ontario