A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Email Me
A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Email Me

Canada's Fiscal Update 2023

November 22, 2023

Analyzing the Impact of Ottawa's Housing-Focused Fiscal Update

The recent fall fiscal update by the government has introduced several measures aimed at addressing housing affordability concerns in Canada. These initiatives primarily target the challenges faced by homeowners dealing with higher mortgage payments, along with efforts to enhance the supply of housing. The key points and their implications are as follows:

1. Loosening Mortgage Stress Test

  • Impact on Mortgage Renewals:
    • Ottawa is eliminating the infamous Stress-Test for renewals, enabling homeowners with insured mortgages to renew without requalifying at higher rates, especially when switching lenders.
  • Effects on the Competitive Mortgage Market:
    • Removing the stress test for mortgage renewals when changing lenders could level the playing field, empowering borrowers to negotiate better rates.

2. Effect on Housing Affordability

  • Lowering the Barrier for Homeowners:
    • Measures in the proposed charter aim to assist Canadians in securing lower rates and reducing mortgage payments, especially for those facing challenges due to higher interest rates at renewal.
  • Potential Mitigation of Payment Shocks:
    • Changes in amortization through the charter could help homeowners who initially secured affordable financing during the pandemic but now face renewal challenges.

3. Focus on Boosting Housing Supply

  • Financial Injection:
    • The fiscal update allocates $1 billion to an affordable housing fund and an additional $15 billion for low-cost rental construction financing. However, this spending is set to commence in 2025.
  • Crackdown on Short-Term Rental (STR) Platforms:
    • Ottawa plans tax changes and earmarks funds to enforce regulations on STR operators, aiming to free up the existing housing supply.

4. Long-Term Implications and Challenges

  • Delayed Impact:
    • Most housing construction initiatives have a long lead time. Policies encouraging construction may take time to materialize due to the need for business plans, zoning approvals, etc.
  • Limitations and Coordination:
    • The federal government's efforts are constrained by the need for coordination among different levels of government. Provinces and municipalities need to align their actions for effective outcomes.

5. Fiscal Restraint and Future Projections

  • Fiscal Anchors:
    • New fiscal anchors have been outlined, aiming to keep deficits below one percent of Canada’s GDP starting in 2026-27.
  • Deficits and New Spending:
    • The current fiscal year's deficit remains at $40 billion, with $20.8 billion in new spending over five years, signalling continued but reducing deficits.

Impact on Housing Prices:

The proposed measures, including easing the stress test, injecting funds, and cracking down on STRs, may initially alleviate some pressures on homeowners and potentially stimulate housing supply.

Inflation and Mortgage Rates:

With the lower numbers of inflation (3.1%) and the expected decrease in mortgage rates in the upcoming spring, these housing-focused initiatives could contribute to an increase in housing demand, thereby exerting upward pressure on housing prices.


In conclusion, while the fiscal update presents measures to address the immediate concerns of homeowners and stimulate housing supply, their long-term impact on housing prices might lead to an upward trajectory, especially in conjunction with expected lower inflation and mortgage rates in the near future.


If you have any questions or would like to discuss your individual needs and goals, feel free to reach out to me at 416-908-5600. I'm here to help you find the perfect tailor-made solution.

If you enjoyed this review, I'd be truly grateful if you could leave a gracious Google Review for my real estate services:  https://rem.ax/3PUNSOS


Thank you for your continued support!


A. Q. Mufti

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A glance at my achievements and passion;

  • Realtor
  • Former Member of Toronto Real Estate Board (TREB) Committee
  • Certified Project Management Professional (PMP)
  • Master Degree in Geography
  • Past Project Manager
  • Past IT consultant
  • Queen's Diamond Jubilee Medal
  • Gold Medal of Excellence for Human Rights
  • Community award for dedicated community services
  • Member of Mississauga mayor’s Diversity Advisory Committee
  • Chair - Family Day Walkathon, raising $250K for a local hospital
  • Member of Halton District School Board's Education Committee
  • Member of Halton Region Police MFST
  • Former Member of Peel Region Public School Council
  • Former Scouts Canada leader
  • Former Team Captain of Cancer Society’s Relay for Life
  • Former Board member of an international relief organization
  • Column writer
  • TV Panelist on current affairs

RE/MAX has more than 100,000 agents in more than 95 countries agents and sells more real estate than any other Canadian brand.

At RE/MAX Real Estate Centre Inc., I’m here to provide you, your family, and friends with exceptional services for your real estate needs including Residential, Commercial, and Agri/Farm Business.

RE/MAX Real Estate Centre Inc. operates out of 17 locations with approximately 920+ trained real estate professionals. 10,852 properties were sold and 105,144 appointments were scheduled in 2017 alone!

With my background in IT and Project Management and, over the several years, contributing to many charitable/not for profit organizations as a board member, I bring professionalism, ethics, sincerity, and I strive for excellence.

If you are looking for a new place to live or do business and want to sell and/or buy your next home and/or business, I would be delighted to help you achieve your goals.
I am not looking for short term gains, rather long term relationships, with the sole focus of finding solutions that best meet your needs.
I truly believe you are my best promoter when you tell others that you have received:

  •  My dedicated attention
  •  Best promotion
  •  Strong negotiation skills
  •  Taking care of critical facts
  •  Eye on items normally ignored
  •  Awareness of Market Trends
  •  Open discussion of the pros and cons

I am available during weekdays and weekends and would meet or pick up the phone personally or return your call at a time convenient for you.

You may reach me directly by calling 416-908-5600 or send me an email at your convenience at info@aqmufti.com.

I look forward to hearing from you soon.

Wishing you and your family all the fun and enjoyment.

Designation: Realtor, MSc, PMP, ABR, SRS, CNE

Education: MSc

Specialty: Buy, Sell, and Rent Residential, Commercial, and Agricultural Properties

Awards: Certified Project Management Professional(PMP), Master Degree in Geography, Past IT consultant, Project Manager, Queen's Diamond Jubilee Medal Gold Medal of Excellence for Human Rights, Community award for dedicated community services Award, Member of TREB Members Communications Committee, Member of Mississauga mayor’s Diversity Advisory Committee, Former Scouts Canada leader, Former Team Captain of Cancer Society’s Relay for Life, Member of Halton Region Equity and Inclusive Education Committee

Area Covered: GTA and beyond including Waterloo, London, Oxford, Woodstock, Niagara, Thorold

Languages Spoken: Arabic, English, Hindi, Punjabi, Urdu

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