Mortgage Professionals Canada | Jan 23, 2023
Read CEO Lauren van den Berg’s opinion piece in the Toronto Star on the importance of 30-year amortization periods for insured mortgages and increasing the insured mortgage cut-off.
MPC is getting a head start in kicking off our new year’s resolutions. We heard you and we’re listening. Now we’re asking the government to do the same. Read Lauren’s opinion piece in the Toronto Star on the importance of 30-year amortization periods for insured mortgages and increasing the insured mortgage cut-off.
A return to 30-year amortization periods
We know that the current maximum amortization period of 25 years for insured mortgages is an impediment to home ownership and prevents Canadians from making housing choices that would contribute to economic revival and recovery.
The elimination of the stress test on transfers and renewals
We know that the current situation creates the risk conditions that will trap many Canadians in a precarious financial scenario and harms Canadians trying to make ends meet.
An increase in the insured mortgage cut-off from $1 million to $1.25 million and indexed to inflation to better reflect today’s home prices
We know that this will enable first-time homebuyers and young families, particularly those in urban settings, to achieve their dreams of home ownership.
In the new year, we will continue to push for policies that ease the cost burden on Canadian consumers in this high-interest, high-inflation environment. We look forward to hearing from you and pushing the dial forward on our advocacy agenda together.