Overview

• Finance Minister Chrystia Freeland announced the expansion of 30-year mortgage amortizations for all first-time buyers and purchasers of new builds.
• The insured mortgage price cap will increase from $1 million to $1.5 million, effective December 15, 2024, to help more Canadians qualify for loans with lower down payments.
• The reforms aim to alleviate housing affordability issues, particularly for Millennials and Gen Z, by reducing monthly mortgage costs.
• The federal government’s broader housing plan includes building 4 million new homes and investing $6 billion in community infrastructure.
• Additional measures include the Tax-Free First Home Savings Account and enhanced Home Buyers’ Plan to help Canadians save for down payments.