Canadian Prime Minister Justin Trudeau's government is expanding access to 30-year mortgages in an effort to boost homeownership among younger Canadians. The move will also raise the insured mortgage cap to C$1.5 million, allowing buyers to bid on more expensive homes with smaller down payments. Critics worry that these changes could fuel housing inflation and increase debt burdens.
Prime Minister Justin Trudeau ’s government will make 30-year mortgages available to all first-time buyers and to buyers of newly built homes as the embattled leader tries to win back the approval of younger Canadians.
Trudeau and Freeland took a step toward loosening that rule in April, allowing 30-year amortizations on insured mortgages only for first-time buyers purchasing newly built homes. The government’s actions may mean interest rates won’t need to fall as much to spark a housing market rebound, said Benjamin Reitzes, rates and macro strategist at Bank of Montreal.
At a news conference, Freeland pushed back on concerns that the policies would inflate housing prices. She said extending the amortization period for new builds would help create more supply, and her government has also put forward other measures to boost homebuilding, including billions for municipalities to allow denser zoning and cut red tape.
Canada Housing Market Mortgages Justin Trudeau Chrystia Freeland Economy
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