Government Relations Update #531
Monday Morning Briefing
EXPANSION OF 30-YEAR AMORTIZATIONS AND INCREASED INSURED MORTGAGE CAP
At a press conference this morning, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced significant reforms to the Canadian mortgage market, with an expansion of 30-year amortizations to include all first-time homebuyers and buyers of all new builds, and a significant increase to the insured mortgage cap from $1 million to $1.5 million, set to take effect on December 15.
