2007-06-13 - Vancouver Courier - City Backed Bonds for Home Loans

In 1946 the Canadian Mortgage and Housing Cooperation was established to deal with the lack of housing available after the war. For the first time, mortgages were available to veterans and non-veterans alike, making the dream of the “white picket fence” a reality. Mortgages backed by banks have drastically changed who is able to afford a home. Even full-time students like myself are able to enter into the wonderful world of homeownership. However, my own mother had to co-sign for the mortgage and without her long established equity, I wouldn’t have been ale to get a mortgage. Others are faced with similar situations and might not be as fortunate as I was. What other options are there available? This article discusses a proposal for new types of mortgages that might help others enter into the private market. With the current interest rates it make sense to buy a home. In Vancouver, you will pay an equal amount for rent and have nothing to show for it at the end of the month. Solving the crisis of affordability will need creative solutions and I appreciated this article for opening a discussion for alternative financial aid.

2007-06-13 - Vancouver Courier - City Backed Bonds for Home Loans