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Finance committee  I'd love to comment on that question. The short answer is yes. The government imposed costs on new housing, in Ontario at least, are substantial. They vary from municipality to municipality. Development charges alone can add over $100,000 to the end cost of a new home, so those

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  On the levels of government question, I think we would agree that other levels have a very big role to play in making sure there are affordable options for all Ontarians, or all Canadians. That's why we were so happy to see the Ontario government step forward just this past week

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  Do other levels of government have a role to play there? Yes, absolutely. On the Bank of Canada question, we're certainly not suggesting that debt levels are not an issue. I think our point is that B-20 has been in place for a little while now. Rates have gone up, I think, 75 ba

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  The measures introduced in the budget around the home buyers' plan and the first-time home buyer incentive are a good first step, a step in the right direction. Definitely, our industry is in support. However, that doesn't mitigate completely the impact that B-20 is having on the

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  I would say that they are both segments. We're seeing move-up buyers, as well as first-time buyers, sitting on the sidelines, yes.

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  They are positive programs that are definitely going to help people, particularly first-time buyers, get into the market, but if we look at other segments, we see that there continue to be challenges there for sure.

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  Oh, goodness. Currently, it's over $800,000 in the city of Toronto. Yes, there are some challenges there, and there are a lot more details that need to be worked out on that program. We haven't seen full details yet on that CMHC program. Is a program like that going to work in

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  I would say that the top two outside of the stress test itself—that is, qualifying for a mortgage—are the following. Number one is the down payment. Getting 5% or 10% together on homes now, particularly in those urban markets like the GTA, is a real challenge for families, and fo

May 8th, 2019Committee meeting

Matthew Thornton

Finance committee  It's across the board in terms of what we're seeing. The demand among the millennial generation, which I think is the generation that's been impacted the most by B-20, for single family homes continues to be strong, but a lot of them are moving into condos as well. I think it con

May 8th, 2019Committee meeting

Matthew Thornton