The Federal Government wants you to buy a House?

There is every indication that the Federal Budget tomorrow will include a policy making it easier for millennials to buy their first home, this is not exactly going out on a limb in the prognostic world. In January Finance Minister Bill Morneau commented that the federal government is looking for ways to improve affordability in the housing market specifically for millennials.This would be the same Liberal government with a strategy over the previous 3 years introducing policies making borrowing more restrictive to slow housing appreciation in Canada, and by in Canada we mean 2 cities, we digress.The real estate market in HRM has experienced a slow down in transactions the past 15-18 months, a decline in listings & steady subtle price increase. There are so few listings in our market it is not uncommon to see multiple offers on properties and days on market are declining. If you are a buyer any policy that unlocks some of the current borrowing restrictions may create even more demand therefore pushing prices higher. If you are a seller hoping to move from your entry level home to the mid price range, the buyer for your property may have an incentive to buy it after tomorrow. If you have wondered if you could sell your mid priced home, well you get the picture. Watch for lenders to get excited with a possible stimulus to the housing market and seeing this as a chance to gain market share in their mortgage business. All in all – good news for buyers and sellers.  
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