Ontario firm backs move to lend millennials cash for homes

Toronto

THE head of a realtor group in Canada's largest province said he'd support a programme that would lend first-time buyers cash to buy houses and get them out of their parents' basement.

Tim Hudak, chief executive officer of the Ontario Real Estate Association, said on Wednesday he liked the newest housing announcement from British Columbia Premier Christy Clark, who announced last week her province would match downpayments of as much as C$37,500 (S$40,348), or 5 per cent of the purchase price, for new buyers.