New Federal Mortgage Reforms Take Effect
The Government of Canada has enacted new mortgage reforms, effective December 15, 2024, aimed at increasing accessibility to homeownership. These reforms include raising the price cap for insured mortgages from $1 million to $1.5 million and extending eligibility for 30-year mortgage amortizations to all first-time homebuyers and purchasers of new builds.
The changes are part of a national initiative to address housing affordability challenges faced by Canadians, particularly younger demographics. According to government projections, these reforms are expected to lower monthly mortgage payments, although specific figures were not disclosed.
In a statement, Chrystia Freeland, Deputy Prime Minister and Minister of Finance, emphasized the significance of these reforms, saying, "We are making the boldest mortgage reforms in decades, because we know we need to do everything we can to help more Canadians afford to buy a home." Similarly, Sean Fraser, Minister of Housing, Infrastructure and Communities, remarked, "Everyone deserves a safe and affordable place to call home."
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