The federal government just announced what it is calling the “boldest mortgage reforms in decades to unlock home ownership for more Canadians.” Unfortunately, there are good reasons to be skeptical that the proposed measures will help anyone buy a first home.
The government is implementing two new measures: increasing the $1-million price cap for insured mortgages to $1.5-million and expanding the eligibility for 30-year amortizations to all first-time homebuyers and all buyers of new builds.
