CAAMP’s CEO Jim Murphy has taken his crusade for regulatory change to the airwaves and television, beating the drum for an easing of restrictions on first-time homebuyers.
CAAMP’s CEO Jim Murphy has taken his crusade for regulatory change to the airwaves and television, beating the drum for an easing of restrictions on first-time homebuyers.
“We are recommending policies targeted at first-time buyers, including allowing 30 year amortizations if they qualify at 25 years,” says Murphy, adding that the limits on the RRSP Homebuyer’s Plan and first-time home buyer’s tax credit should be reviewed.
Murphy had spoken to Finance Minister Jim Flaherty on March 8 asking for an easing for first-time homebuyers, and followed up Friday by taking his message to OMNI TV, CBC and CFRB Newstalk radio.
The focus on first-time buyers is drawing “sympathy among decision-makers in Ottawa,” says Murphy, as the real resistance is to change is directed against those who do not think mortgage insurance “should be used for speculators, HELOCs or refinancings.”
Murphy did hint that a slow spring market may spur Ottawa into easing the regulations on lending.
“Do not expect anything in the budget, but if it is a slow spring market, we will see if we get another announcement in June,” he told MortgageBrokerNews.ca, adding that helping first-time buyers would provide a powerful economic spinoff, especially for brokers.
“Overall GDP is down, and housing was a net contributor to the overall economy,” says Murphy. “There is nothing domestically to take its place.”
