On September 16, Canadian Finance Minister Chrystia Freeland announced mortgage rule changes, including raising the price cap for insured mortgages and extending first-time buyer amortization periods, aimed at enhancing housing affordability.
On September 16, Canadian Finance Minister Chrystia Freeland announced mortgage rule changes to enhance housing affordability. The price cap for insured mortgages will rise from $1 million to $1.5 million, and first-time buyers can now access 30-year amortization periods. While these adjustments may help young Canadians achieve homeownership, concerns about overall affordability and household debt remain. The government aims to build nearly four million new homes by 2031 to address ongoing supply issues.
September 23, 2024
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