On June 18, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development visited the CREA office for a telephone townhall with REALTORS® about the First-Time Home Buyer Incentive (FTHBI) and other measures to support first-time home buyers. This was the first time a cabinet minister has visited the CREA office for such an event and REALTORS® from across the country tuned in for the special teleconference.
Minister Duclos talked about the role REALTORS® have in shaping housing policies under the current government. “CREA has been very good at advocating for what you know is key: helping families achieve their dreams of homeownership,” he told those a part of the townhall. “That level of advocacy has generated significant results already, and I’m counting on you to keep doing that in the longer term.”
The meeting began with opening remarks from CREA CEO Michael Bourque, who thanked Minister Duclos for his government’s recognition of the social and economic importance of homeownership.
The minister went on to discuss the $10,000 increase to the withdrawal limit for the Home Buyers’ Plan, as well as the expansion of eligibility criteria to individuals who experience the breakdown of a marriage or common-law partnership. He then provided an overview of the FTHBI before giving members an opportunity to ask questions about the program.
For the next hour, Minister Duclos fielded questions from REALTORS® in Ottawa, Winnipeg, Vancouver, Saskatoon, Calgary, Regina, Fort McMurray, Fraser Valley, Surrey, and Okanagan. Questions ranged in topics covering qualifying criteria to barriers in metropolitan areas, clarifications on repayment to value splitting for renovations, not to mention mortgage amortization periods and the B-20 stress test. In responding to questions during a Q&A, the Minister noted that “CREA, in particular, has been not only very engaged, but very bold and innovative in the way that they speak to government about policy.” The Q&A also provided an opportunity for REALTORS® to convey to the Minister the concerns their clients have about finding a home they can afford.
Following the Q&A, CREA President Jason Stephen concluded the meeting by thanking the Minister for taking the time to speak to REALTORS® and for the government’s support of homeownership in Budget 2019.
CREA wants to thank all of those who took the time to participate in the townhall meeting and the boards and associations who hosted group call-ins.
