Voyageur 18
News for residents of the “11th province”: Canadians abroad.
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30 Year Mortgages for First-Time Buyers
Starting August 1, Canada will implement a 30-year amortization period for first-time homebuyers of new builds, an effort to make mortgages more affordable. Announced by Finance Minister Chrystia Freeland, this change is part of an effort to address housing affordability, including raising the RRSP withdrawal limit for home purchases. Critics are suggesting the expandtion of these benefits to all home types and raising concerns about the policy’s effectiveness in high-cost areas like Vancouver and Toronto.
Read more: CTV News
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PBO On Steep Housing Supply Challenge
The Parliamentary Budget Officer (PBO) reports Canada needs to build an additional 1.3 million homes by 2030 to bridge the housing supply-demand gap. This translates to an average annual construction of 426,000 units, an 80% increase from the highest completion rates in recent years. The surge in household formations, far outstripping new home completions, is making this a necessity, alongside efforts to improve affordability and increase the pace of construction through federal initiatives.
Read more: Global News