CashNews.co
As Canadians themselves with rental properties across North America — and having helped people in both countries with their homes — it’s no surprise that the Property Brothers Jonathan and Drew Scott would have unique insights into what the US can learn from Canada’s progress in their own housing market.
Yahoo Finance Executive Editor Brian Sozzi interviews the brothers on Opening Bid where they offered a “simple” suggestion.
Jonathan explains that the US needs financial incentivization programs, like in Canada, for developers who are fixing up multi-family buildings. Drew expands on the benefits of Canada’s program called MLI Select (mortgage loan insurance), saying:
“If you have a certain level of affordability and sustainability, then that opens you up to be able to have 95% of your costs financed. You get, you know, about 1% below market rate, you get 50-year amortization, All these things bring your cost down and it makes it feasible for developers to actually develop multi-family units.”
For full episodes of Opening Bid, watch on our website or listen on your favorite podcast platform.
Catch Brian Sozzi’s full interview with Property Brothers Jonathan and Drew Scott on Yahoo Finance’s Opening Bid.
This post was written by Rachael Lewis-Krisky.