Bank of Canada's Carolyn Rogers warns against changing mortgage rules to boost affordability.

Bank of Canada Senior Deputy Governor Carolyn Rogers cautioned against altering mortgage rules to enhance housing affordability, stating such changes could harm the long-term financial health of households and the economy. Recently, the government extended the maximum amortization period for first-time buyers from 25 to 30 years, which may lower monthly payments but increase overall interest costs significantly. Rogers stressed the need for a balanced approach to housing supply and demand.

November 06, 2024
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