Canada relaxes some mortgage rules to tackle housing crisis

Canada relaxes some mortgage rules to tackle housing crisis

Finance Minister Chrystia Freeland on Monday announced changes to some mortgage rules as part of an effort to make housing more affordable, although some housing experts are doubtful that the new measures will have a meaningful long-term impact on housing affordability and say they might even push prices up. The federal government will increase the cap on insured mortgages … Read more

First-time homebuyers can now apply for a 30-year mortgage. Is that a good thing?

First-time homebuyers can now apply for a 30-year mortgage. Is that a good thing?

The 30-year amortized mortgages announced in the 2024 federal budget are kicking in on Thursday. First-time homebuyers who are purchasing newly built homes can now qualify for a 30-year mortgage, giving them five additional years to pay off an insured mortgage. For other mortgages where default insurance is required, a 25-year amortization limit is still … Read more