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Canada’s first-time homebuyer incentive discontinued

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OTTAWA –

Canada’s housing agency says it is ending the first-time homebuyer incentive program.

Canada Mortgage and Housing Corp. says the deadline for new or updated submissions to the program is midnight eastern time on March 21.

The plan was meant to help reduce monthly mortgage payments for first-time buyers by having the government take on partial ownership of a property.

The government offered a loan up to 10 per cent of the purchase price that would go toward a larger down payment and thereby reduce monthly payments.

Under the program, homeowners have to repay the incentive after 25 years or when the property is sold, with the amount owing adjusted to reflect how the value of the property has changed.

The program was hampered in part by eligibility issues including limits to household income and the size of a mortgage the buyer could take on.

Total borrower income couldn’t be higher than $120,000, or $150,000 in Toronto, Vancouver or Victoria, while the total borrowing could be no more than four times the qualifying income, or 4.5 times in the three pricey cities.

The program wasn’t useful since it didn’t help buyers put together a minimum down payment, and the restrictions meant some borrowers qualified for smaller amounts than they otherwise would, said James Laird, co-CEO of Ratehub.ca and president of CanWise mortgage lender.

The government-ownership component also added complications to a convoluted program that was poorly thought out, he said.

“It was literally like they sat in a room by themselves, without anyone who understood the industry, and just made up a bunch of stuff that made no sense,” said Laird.

The government already helps first-time buyers by backing uninsured mortgages, but if they want to do more they could allow amortizations to be stretch out over 30 years, he said.

“It lowers the monthly cost … and there’s no complicated co-ownership agreement.”

CMHC did not immediately provide comment.

The first-time homebuyer incentive was launched in 2019 with a $1.25-billion commitment.

As of the end of 2022, CMHC had committed $329 million representing about 18,500 applications.

This report by The Canadian Press was first published March 1, 2024.

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Parliament returns amid partisan wrangling, rumblings about Trudeau’s leadership

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OTTAWA – The House of Commons returns today from a week-long break, but it’s unlikely to be business as usual.

Members of Parliament are slated to resume debating a Conservative demand for documents about federal spending on green technology projects.

The matter of privilege has all but paralyzed House business as the Liberals try to maintain a grip on an increasingly fractious minority Parliament.

On Wednesday, Prime Minister Justin Trudeau is expected to face the most serious challenge to his leadership to date.

Several media reports have detailed the plans of a group of Liberal MPs to confront Trudeau at the party’s Wednesday caucus meeting over sagging poll numbers and gloomy electoral prospects.

The precise strategy and breadth of the attempt to push Trudeau to resign remain unclear, though some MPs who spoke to The Canadian Press on background said the number of members involved is significant.

Trudeau could sidestep both problems by taking the controversial step of proroguing Parliament, which would end the session and set the stage for a fresh throne speech.

Some political watchers have mused the move would allow time for a Liberal leadership race if Trudeau were to step down.

The prime minister also plans to soon shuffle his cabinet to replace four ministers who don’t plan to run again in the next election.

A general election is scheduled to be held in October next year, but could come sooner if the Liberals lose the confidence of the House.

This report by The Canadian Press was first published Oct. 21, 2024.

— With files from Laura Osman

The Canadian Press. All rights reserved.



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New Brunswickers head to the polls to vote in tight provincial election

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FREDERICTON – New Brunswick’s residents will be casting their votes today in what polls suggest is a tight election centred on two leaders with sharply contrasting visions for the province.

Progressive Conservative Leader Blaine Higgs is seeking a third term as premier.

The former oil executive presented voters with a two-page platform containing 11 promises, including a pledge to cut the harmonized sales tax by two percentage points from 15 per cent to 13 per cent.

The Liberals led by Susan Holt have made 100 campaign promises, such as opening 30 community health clinics across the province by 2028 and eliminating the provincial sales tax on electricity bills for residential customers.

The Greens, led by David Coon, have also focused their campaign on health care, promising to spend $380 million a year on the network and to decentralize decision-making to give more freedom to hospitals.

At dissolution, the Conservatives held 25 seats in the 49-seat legislature. The Liberals held 16 seats, the Greens had three, there was one Independent and there were four vacancies.

New Brunswickers can cast their votes at polling stations throughout the province between 10 a.m. and 8 p.m.

This report by The Canadian Press was first published Oct. 21, 2024.

The Canadian Press. All rights reserved.



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Everything is warmups for the New York Yankees until they get to the World Series

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NEW YORK (AP) — For the New York Yankees, the real opening day is World Series Game 1.

A little bubbly for a playoff berth, the AL East, the Division Series and their 41st pennant were just warmups.

World Series rings are the only numbers that count when you are measured not among the living but against the ghosts: Yogi, Joltin’ Joe, the Iron Horse, the Babe and the Mick.

“That’s why we’re here. That’s why I get up every single day. That’s why I put in the work not only at the field but in the offseason, is to just bring a championship home back to the city and back to this team,” Yankees captain Aaron Judge said when spring training started in February.

“It’s been quite a long time since we’ve got to that finish line,” he added, “but I think a lot of the guys and pieces that we’ve added into this room, especially a couple of changes we made in approaches, guys we brought in, it’s all going to push us towards the right direction, which is ultimately being the last team standing.”

The Yankees are in the World Series for the first time since winning title No. 27 in 2009, starting Friday at the Los Angeles Dodgers or in the Bronx against the New York Mets.

A core in its 30s covets a championship as validation as much as accomplishment. Giancarlo Stanton is in his 15th major league season, Gerrit Cole his 12th and Judge his ninth.

Stanton has been restrained in his assessment.

“As far as I’m concerned, we haven’t done nothing,” he said after Game 4 against the Guardians.

Stanton’s edge was visible during Saturday night’s celebration when Gleyber Torres handed him the AL championship trophy, saying “Take the baby. Take the baby.” Stanton cradled the prize and rocked it back and forth — an apparent reference to Josh Naylor’s home run celebration when he connected against Cole in the 2022 ALDS.

Baseball’s winningest tradition is in the players’ faces from the day they arrive at Yankee Stadium. Oversized photos of pinstriped greats line the tunnel leading to the clubhouse. The walls of the locker room corridor are filled with paintings of recent luminaries.

Players don’t have to be reminded that Yogi Berra won 10 titles, Joe DiMaggio nine, Babe Ruth and Mickey Mantle seven each (though only four of Ruth’s were with the Yankees), and Lou Gehrig six. Hall of Famers Derek Jeter and Mariano Rivera, both five-time champions, mingled with the current players in August when the 2009 champions were honored on Old-Timers’ Day.

“What makes the Yankees the Yankees is winning and winning a World Series” said Anthony Volpe, a 23-year-old shortstop who is in his second big league season.

The Yankees missed the playoffs last year for the first time since 2016, skidding to an 82-80 record and narrowly avoiding their first losing season since 1992.

Expectations soared after they obtained Juan Soto from San Diego in December, and he set an attitude when he arrived at spring training wearing a T-shirt that proclaimed: “The Generational Juan Soto.” The free-agent-to-be turned to the dugout and pounded his chest after the Yankees’ signature shot of the postseason thus far, his 10th-inning, three-run homer that won their 41st pennant.

A 50-22 start raised confidence but a 10-23 slide from mid-June through late July sparked skepticism. The acquisition of Jazz Chisholm Jr. from Miami ahead of the trade deadline injected some energy, and New York finished an AL-best 94-68, clinching a playoff berth in Game No. 152 and the AL East in No. 159.

Stanton (.294, five homers, 11 RBIs in the postseason), Soto (.333, three, eight), Judge (two homers, six RBIs despite a .161 average) have provided key hits and Torres has reached leading off in eight of nine postseason games.

Bullpen contributors include Tim Hill (signed in June after he was released by the woeful Chicago White Sox), Jake Cousins (purchased from the White Sox in late March), Tim Mayza (signed in July after he was released by Toronto) and Mark Leiter Jr. (a trade-deadline arrival added to the active roster Friday after Ian Hamilton got hurt).

Aaron Boone reminded players in February to be ready no matter their depth chart status.

“I talked to those guys first day of camp,” the manager recalled Saturday. ”’You’re sitting in here right now, you think, ah, I probably won’t be with the big club this year or whatever.’ I’m like, ‘You might find yourself in the batter’s box or on the mound in the biggest moment of the year, so try and prepare that.’

“And then there’s always the X factors of the trade deadline that happens, but even the other moves like getting Tim Hill and Jake Cousins that have become really significant parts of our bullpen that were in a way cast-offs from other organizations. So you never know how it’s all going to shape up.”

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