[alert type=”info” dismiss=”true”]This article is optimized for Accelerated Mobile Pages<\/span><\/span><\/a>\u00a0(AMP)[\/alert]<\/p>\n CREA, your Canadian Real Estate Association<\/strong>, appeared before a House of Commons Standing Committee on Finance tasked with studying the Canadian real estate market and home ownership, mid February.<\/p>\n [collapse_group] They reminded the federal government about the profession\u2019s recommendations on the Home Buyer\u2019s Plan and asked MPs to carefully consider the overall impact of past announcements on the housing market before introducing new initiatives.<\/p>\n Although mentioned in multiple political party election platforms in 2015, the federal government has yet to follow through with making changes to the Home Buyers\u2019 Plan (HBP) <\/strong>program. CREA intends to continue to work with the government to ensure the HBP remains a valuable program for all Canadians.<\/p>\n In the last eight years, the federal government implemented six rounds of changes to tighten the rules for new government-backed insured mortgages and contain risks in the housing market. Here is a summary from CREA:<\/p>\n [bctt tweet=”Government Changes To Home Buying Requirements #BC” username=”jwsrealestate”]<\/p>\n CREA appreciates this government’s attention to the needs of first-time home buyers. To keep pace with the dynamic real estate market and ensure that home buyers aren\u2019t left behind, the Association strongly believes that this threshold\u2014and all others related to the Property Transfer Tax\u2014should be indexed, with adjustments made annually.<\/p>\n<\/li>\n<\/ul>\n CREA argued, these measures were implemented over a short period of time and their full impacts have yet to be determined. CREA recommended the government take a pause to fully evaluate the cumulative impact of the recent changes before looking at implementing additional measures. As well, CREA offered their expertise to inform the government\u2019s policy decisions.<\/p>\n Gary Simonsen, Chief Executive Officer of CREA said:<\/strong><\/p>\n We are prepared to share analysis of local housing market trends and apply our knowledge and data to help the government policy makers at all levels better understand how changes to housing market regulations may affect communities across Canada.<\/p><\/blockquote>\n .<\/p>\n Confused by Numerous Changes To Home Buying Requirements? Click These Boxes To Go To That Section [alert type=”info” dismiss=”true”]This article is optimized for Accelerated Mobile Pages\u00a0(AMP)[\/alert] …<\/p>\n","protected":false},"author":2,"featured_media":2029,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[149,4,116],"tags":[170,68],"class_list":["post-2011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amp-optimized","category-blog-post","category-real-estate-news","tag-crea","tag-home-buying"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/2011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/comments?post=2011"}],"version-history":[{"count":1,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/2011\/revisions"}],"predecessor-version":[{"id":70753,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/posts\/2011\/revisions\/70753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media\/2029"}],"wp:attachment":[{"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/media?parent=2011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/categories?post=2011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.schreders.ca\/blog\/wp-json\/wp\/v2\/tags?post=2011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}This article gives a dated summary of the implemented changes over the years.<\/h2>\n
\n[collapse id=”accordion_one” title=”What Is CREA? – Wikipedia” expanded=”false”] The Canadian Real Estate Association (CREA) is a trade association that represents real estate brokers, agents and salespeople in Canada. – Learn More<\/a><\/span><\/span> [\/collapse]
\n[\/collapse_group]<\/p>\nCREA\u2019s Recommendations for the Home Buyers\u2019 Plan<\/h3>\n
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Federal Government Announcements Impacting the Housing Market<\/h3>\n
This Infographic\u00a0is: Attribution-NonCommercial-NoDerivs License<\/h5>\n
![\"Schreder-Brothers-real-estate-group---CREA-Recommendations-for-the-Home-Buyers-Plan-infographic-n--004\"](\"https:\/\/schreders.ca\/wp-content\/uploads\/2017\/02\/Schreder-Brothers-real-estate-group-CREA-Recommendations-for-the-Home-Buyers-Plan-infographic-n-004.png\")
<\/p>\n1. Effective October 2008:<\/h3>\n
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2. Effective April 2010:<\/h3>\n
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3. Effective March 2011:<\/h3>\n
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4. Effective July 2012:<\/h3>\n
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5. Effective February 2016:<\/h3>\n
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6. Effective October 2016:<\/h3>\n
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7. Balancing Risk (February 2017):<\/h3>\n
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8. CMHC Premium\u00a0Increases<\/h3>\n
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