The Canadian Press

1992-02-03 | MacKay-downpayments

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In an effort to spur the housing industry, the federal government cut the minimum down payment for a CMHC insured mortgage to five from 10 per cent. Housing Minister Elmer MacKay said he hoped it would encourage people to buy.

Date: 1992-02-03
Placeline: Winnipeg, MB, Canada
Source: The Canadian Press
Length: 24 seconds

Transcript Prediction: << I'm optimistic that it will be a helpful beginning you know people Canadians are still are in a very, conscious frame of mind when it comes to purchasing large ticket items but housing is so basic to all of our needs that perhaps this will give them a feeling that, now's the time to take advantage of what appears to be a favorable investment climate >>

Clip ID: 19920203CPCN002