QSA's Week in Finance (#1, 2024)
Mortgage reforms announced; Credit card fees under discussion; Sustainable investment guidelines introduced; Credit union sector seeks policy support; Office relocations in Alberta
Start Date: 2024-10-05
End Date: 2024-10-11
Top Headlines
Main Stories
Government Announces Significant Mortgage Reforms
The Canadian government has introduced major mortgage reforms aimed at facilitating homeownership. Announced by Deputy Prime Minister Chrystia Freeland, the reforms include extending amortizations to 30 years for first-time homebuyers and those purchasing new builds, effective December 15, 2024. Additionally, the insured mortgage price cap will increase from $1 million to $1.5 million. These measures are designed to make homeownership more accessible, particularly for younger Canadians, and are part of a broader plan to construct 4 million new homes. Furthermore, as of January 15, 2025, mortgage insurance rules will allow refinancing for building secondary suites, increasing housing density.
Sources: ['Announcements: www.canada.ca', 'Announcements: www.canada.ca', 'Announcements: www.canada.ca']
