Today marks an important victory for Mortgage Professionals of Canada and the housing market. We are excited to share that the Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced significant changes to mortgage rules—many of which reflect MPC’s persistent advocacy on behalf of our industry and all Canadian homebuyers.
Among the new measures are several key initiatives that we have long advocated for:
An Increase to the Insured Mortgage Price Cap: The government will raise the price cap from $1 million to $1.5 million, reflecting the realities of today’s housing market. This change, effective December 15, 2024, will help more Canadians qualify for insured mortgages and make homeownership more attainable, especially for younger Canadians.
Expanded Eligibility for 30-Year Amortizations: First-time homebuyers and all buyers of new builds will now be eligible for 30-year insured mortgage amortizations. This is a crucial step in reducing monthly mortgage payments and helping more Canadians, particularly Millennials and Gen Z, achieve the dream of owning a home.
Increased Mortgage Competition: The strengthened Canadian Mortgage Charter now enables insured mortgage holders to switch lenders at renewal without being subject to another stress test. This will foster greater competition and ensure Canadians have access to the best mortgage deals.
These policy changes are a direct result of MPC’s tireless advocacy and the collective efforts of our members. We’ve worked hard to make sure the federal government understands the challenges Canadians face in buying a home. Today’s measures prove that our advocacy has been heard, and more importantly, respected. This is a major win not just for first-time buyers, but for the entire housing sector.
But we’re not stopping here. MPC will continue to push for policies that make homeownership more accessible and sustainable for all Canadians. We’ll keep pushing for the extension of 30-year amortizations to all homes, not just new builds, and for the implementation of an income verification tool to fight mortgage fraud during our upcoming advocacy on Parliament Hill on September 24.
Our mission remains clear: to advocate for a fair, transparent, and affordable housing market that works for everyone.
Thank you to all our members for your ongoing support. Let’s take a moment to celebrate this achievement—and get ready for the next steps in our advocacy journey.
“The federal government’s decision to raise the insured mortgage cap from $1 million to $1.5 million is a huge win for Canadians. We’re also happy to see the expansion of 30-year amortizations to all first-time homebuyers and to all buyers of new builds, as well as the exemption of the stress test when switching lenders at renewal. This milestone, achieved through our persistent advocacy, shows that housing is now truly a top priority for the government and represents a significant win for first-time buyers and the housing market as a whole. Our mission remains steadfast: to advocate for fair, transparent, and affordable housing market for everyone.”
– Lauren van den Berg, President and CEO of Mortgage Professionals of Canada