Here’s what’s ridiculous about the new CMHC incentive. Example:
- 100k household income currently could buy for around 458k (quoting a colleague). This new incentive restricts people to 4X their household income, which would mean a max purchase of 400k. This means this incentive actually does not help affordability (or qualifying) whatsoever. It more-so helps people that can already comfortably do so save some cash flow.
This isn’t an affordability incentive, it’s an assistance to cash flow. This is such a strange, strange incentive.
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