Five affordable housing projects that appeal to young homeowners

Condominiums, townhouses and semi-detached houses should be preferred by returning mortgage loans spread over 30 years, according to the Association of Quebec Construction Professionals (APCHQ).

“This will ensure that this type of construction, usually a little cheaper, will be more accessible to a larger number of people,” said David Goulet, director of the economic department of the APCHQ, to whom we spoke.

“We expect this measure to be popular with properties that target clients with a slightly tighter budget,” said Mr. Goulet. On December 15, all first-time home buyers or defaulters will be able to spread their loan over 30 years, even if the down payment is less than 20% and must their loan to be insured by the Canadian Mortgage and Housing Corporation (CMHC), the Government of Canada announced on September 16.

David Goulet, director of the economic service of the APCHQ.

PHOTO PROVIDED BY APCHQ

Launch the market again

The measure will also allow builders to resume construction and projects, again according to Mr. Goulet.

“There has been a significant slowdown in the last two years in the construction of new buildings,” recalls Ms Goulet.

And according to the latest figures from CMHC, about 55% of the new condominium units in the Montreal area are still for sale.

“If we manage to make these units more accessible to a larger number of households, it will have a positive impact on the sector,” said Mr Goulet. This will make it possible to invest in other projects such as rental properties, such as example. »

Builders of new houses

Janick Brochu, project director for Maisons Pépin, a builder of new homes on the South Shore, also welcomes these steps with enthusiasm.

Remember that the federal government also increased the ceiling price of 1 million for insured mortgage loans, to 1.5 million.

“The last few years have required creativity and innovation on our part to enable young buyers to access the new property market,” Ms Brochu told us.

“These mortgage reforms will help restore a certain intergenerational equity by giving young people access to property,” said Ms Brochu. From a builder’s perspective, the These changes will encourage sales, attract new buyer profiles and encourage us to continue creating affordable housing.

In addition, buyers who already own a property must purchase a new home in order to spread their loan over 30 years, if it is insured by CMHC.