Ontario’s Path to Homeownership: New Mortgage Reform

Ontario is set to see significant changes in its mortgage landscape as part of Canada’s broader initiative to make homeownership more accessible. Announced by the Deputy Prime Minister on September 16, 2024, the reforms focus on helping younger Canadians and first-time home buyers who are struggling to afford homes in today’s market.

This adjustment is a response to rising home prices and economic changes since the original cap was set in 2012. It enables more Canadians to qualify for insured mortgages with lower down payments, bringing the dream of homeownership closer for many.

Another important shift is the expansion of 30-year amortizations for insured mortgages.

This change is expected to ease financial pressure by reducing monthly payments, particularly for young Canadians aiming to enter the housing market.

Additionally, the government is working to ensure greater flexibility at mortgage renewal.

These measures are part of the government’s broader housing plan, which aims to increase housing supply and affordability, including a goal of building 4 million homes in Canada. To learn more about these reforms, visit the (Canada.ca)