Canada is set to undergo significant changes to its mortgage loan rules, as announced by Finance Minister Chrystia Freeland. A key update is the increase in the price cap for insured mortgages, which will rise from $1 million to $1.5 million. This move is intended to help more Canadians qualify for mortgages with less than a 20% down payment, especially first-time homebuyers. Freeland emphasized that this change is designed to reflect Canada's growing economy and make homeownership more accessible to younger Canadians.
Another notable change is the extension of the 30-year mortgage amortization period. Previously limited to specific homebuyers, it will now be available to first-time buyers of any home and those purchasing newly built homes. This shift is aimed at providing more flexibility to buyers navigating high real estate prices.
These reforms have been promoted as the "boldest mortgage changes in decades." While some critics argue that the new rules could further drive up home prices, Freeland countered this by stating that these measures are necessary to align with economic realities and support more Canadians in entering the housing market.
In addition to mortgage changes, the government is also working on new protections for renters and homebuyers. These include efforts to prevent unfair evictions and ensure more transparency in home sales. These initiatives are part of the broader goal to address Canada’s housing challenges.
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