COMPAS Poll/Survey

The CEOs and business leaders on the COMPAS business panel embrace the Government of Canada’s tightening of mortgage requirements. For example, 86% support reducing the upper limit that Canadians can borrow against their home equity from 90 per cent to 85 per cent (scoring 5-7 on a 7 point agreement scale). Support is virtually as high for changing the maximum amortization period for a government-insured mortgage from 35 to 30 years. A smaller majority supports removing government insurance backing on home equity lines of credit.

Panelists believe that the reforms are well tuned with virtually no risk of causing a real estate reversal and only a small risk of allowing a bubble to develop.

In that spirit, panelists favour a potential requirement for downpayments to be 10% instead of 5%.

CEOs and business leaders on the panel were asked about inter-generational fairness in housing policy. They were asked if government should be looking at this issue. The theme generated polarized responses with very few choosing a middle ground and quite a number offering detailed verbatim responses.

These are the key findings from this past week’s Internet survey of CEOs and business leaders on the COMPAS panel. The weekly business survey is undertaken for Canadian Business magazine.

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