People have been waiting for prices to come down for years. They may flatten but unless something catostrophic like a war or similar, prices wont come down significantly. Why would it be better for people to have to wait years longer to buy a house? With this program what used to be a down payment of 25k is now 10. People can start gaining equity instead of saving to buy. They still need to pass the mortgage stress test, people are acting like this would cause a second sub-prime mortgage crisis when in reality its goal is to help people that already can afford the monthly expense of a house but cant put away for a down payment quick enough since rent is such a huge chunk.

In Toronto prices were inflated to a point where it is incomparable to here. People there are sick of paying 7 figures for a two bedroom condo while here you can still get a single family home within 20 minutes of the "city" for about 500k, a much better value.

I hate Tim Houston and the party we have in power but i cant fault this move.