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Pre-Budget Submission to the Federal Government

by Mortgage Professionals Canada | Mar 07, 2022
MPC recently submitted its recommendations to the federal government as part of its “Let’s Talk Budget 2022” consultation.

Our recommendations for the upcoming 2022 Federal Budget 2022 are as follows:

To support Parliament’s collective desire to strengthen Canada’s middle class, improve housing affordability, and build a more competitive and more inclusive economy, Mortgage Professionals Canada recommends that the Federal Government promptly:

  1. Implements the mortgage insurance pledge to “increase the insured mortgage cut-off from $1 million to $1.25 million, and index this to inflation, to better reflect today’s home prices”;
  2. Provides qualified first-time home buyers access to mortgage amortization periods of up to 30 years for insured mortgages;
  3. Implements the pledged tax-free First Home Savings Account, which would “allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase, with no requirement to repay it”.

We invite members to review how these recommendations can benefit the federal government and Canadians, and also invite you to send your comments about MPC’s Government Relations efforts to us at advocacy@mpc.ca.