Newsletter March 2019 – Making Housing More Affordable For Middle-Class Families in Montreal

• March 29, 2019

Welcome to the Guardian Financing March 2019 monthly newsletter. This month’s issue is on the government’s initiative to provide more affordable houses for middle-class families in Montreal.

Making Housing More Affordable For Middle-Class Families in Montreal

It is a fact that most middle-class families in Montreal are in a precarious position when it comes to owning homes. The current financial situation, coupled with the new mortgage rules made it slightly difficult for them to own homes, but this is likely to change, following the announcement by Canada’s Minister of Families, Children and Social Development.

The minister, who is also responsible for Canada Mortgage and Housing Corporation (CMHC), announced the construction of 199 units specifically targeted for middle-class families in Montreal.

The project will be carried out by the CMHC in conjunction with the federal government, which has already invested $41.75 million in the construction of a 10-story building designed to provide safe and affordable housing for 199 families in Montreal.

Once completed, the units will have rents at lower than 30% of the median household income in Montreal. This is a big reprieve for middle-class families in Montreal, given the fact that they form the bulk of the hardworking population, yet a majority of them struggle to get low-interest mortgages to own the homes of their dreams.

Though housing for just 199 families may not be sufficient to enable every middle-class family in Montreal to own a home, the move by the minister is seen as a step in the right direction. Decent housing is a universal need, and it is sad that some of the families in Montreal are still struggling to own homes.

The project mainly caters to renters, but this doesn’t stop any of them from pursuing other approaches of home ownership. For example, while they take advantage of this nice initiative by the minister, they can still consider using private mortgage lenders as an avenue to finally become homeowners.

But for now, the housing initiative for middle-class families, is going to make a difference in the lives of hundreds of Montreal families.

Guardian Financing is a direct private mortgage lender. We serve the greater Montreal area providing short term residential mortgage loans, typically ranging from $50,000 to $3,000,000. Contact us today to discuss your file at 514-700-3121 or by email at files@guardianfinancing.ca