Central Nova MP and Housing Minister Sean Fraser says the federal government is taking more steps to assist first time home buyers to get into the market.
Fraser says some of the measures that have been taken include creating a tax advantaged first savings account to help first time home buyers in saving for their down payment for their first home. Changes have also been made to the RRSP Home Buyers Program, to give Canadians more time to pay back the retirement savings they may borrow towards buying a house.
Fraser says dropping the stress test will allow homeowners to shop around in renewing to get the best mortgage rate possible.