Comments on: Ontario Real Estate Industry Wants Student Loan Forgiveness…For Downpayments

By: Not a homeowner

Not a homeowner — Fri, 22 Sep 2023 21:26:29 +0000

In reply to Anthony Cirelli. Excellent comment. Well-reasoned and rational argument. Bravo!

By: Mark S.

Mark S. — Thu, 21 Sep 2023 21:09:58 +0000

And let’s not forget about all the students wo managed to work and not borrow, or for that matter had their parents help (and for most of us that money came from not having frills in life).
As always, punish the hardworking and the prudent.

By: Anthony Cirelli

Anthony Cirelli — Thu, 21 Sep 2023 20:22:40 +0000

Realtors are grasping at straws…although affordability is determined by existing debt and proposed debt at the time of mortgage application, the primary factor in determining affordability is all about income. All potential homeowner who apply for traditional bank financing are equally subjected to stress test rules. Entry level positions do not pay enough to debt service the average mortgage required Canada wide, even with a down payment of 20%. A $750K home with 20% down, leaving the borrower to carry a $600K mortgage requires an income in excess of $135K to meet income and regulatory debt servicing requirements…and that does not even take into consideration any further outstanding debts, other than the proposed mortgage. So a $14K student loan could be $0.14 and not make one bit of a difference. Good luck students…find a partner to invest with…spouse/family member and come to the table with strong income and low debt.

By: Jim

Jim — Thu, 21 Sep 2023 14:42:25 +0000

Point of clarification!
OREA is an bureaucratic organization that serves no real purpose in terms of helping realtors. They may act as if they represent us realtors, but most realtors would disagree with that. like most bureaucracy, they exist, to serve their own interests in the pretence of helping someone else.
Speaking for myself, I would love to see them disappear into the abyss reserved for bureaucrats.
Further, realtors are not responsible for the market fluctuations.
If you believe that, then you need to study some basic economics.
Is it that long ago that people have forgotten the quantitive easing that Trudeau persisted in continuing with Long after he had been told to stop by the international monetary fund and others?

By: Jerry

Jerry — Thu, 21 Sep 2023 13:52:29 +0000

Realtors pumped this zany market, so no to backdoor subsidies.

By: Dennis_K

Dennis_K — Thu, 21 Sep 2023 01:56:06 +0000

I agree with Jason A.’s comment: just another ploy by realtors / brokerages to squeeze yet more money out of folks to chase overly-high prices as they are, instead of working on median affordability — which would mean lowering prices. What business does OREA have speaking about student debt? They’re a sales organization, with no expertise on this subject, with a vested interested in keeping prices as high as possible, for as long as possible. How incredibly self-serving.

By: Jason Azevedo

Jason Azevedo — Wed, 20 Sep 2023 23:20:21 +0000

In other words in my view relators are desperate and looking for ways to get more money into real estate from poor tax payers that can’t afford a home of their own. And this will make the market more unaffordable for the Poor’s trying to get into the market. Disguised as trying to help students it is really a ploy to help realtors since sales have slumped.

By: Oldguy

Oldguy — Wed, 20 Sep 2023 21:24:34 +0000

This is just plain stupid at every possible level. It shows how detached these people are from reality. How about the suckers who actually repay their loans? How about the suckers who have no loans? The perverse incentives in this country are so sickening that nobody even notices. And on it goes.