The Bank of Canada’s efforts over the past year to hike interest rates are now at the point where you can call the policy utterly laughable, considering that whenever the policy threatens to have consequences, those consequences are speedily legislated out of existence. The government of Canada has just issued new mortgage measures whereby anyone who can’t pay their mortgage can simply make whatever payments they can afford. That’s a pretty sweet deal, if your goal is to turn homebuyers into blatant parasites.
…the government will allow 30-year mortgage amortizations for first-time home buyers purchasing newly built homes, effective August 1, 2024.
Third, the enhancements to the Canadian Mortgage Charter will also include an expectation that, where appropriate, permanent amortization relief will be made available to protect existing homeowners that meet specific eligibility criteria. Amortization relief means eligible homeowners can reduce their monthly mortgage payment to a number they can afford, for as long as they need to.
