Scarborough, Ontario – On October 10, 2024, Deputy Prime Minister Chrystia Freeland delivered an impactful speech in Scarborough, emphasizing the Canadian government’s commitment to supporting families in their pursuit of homeownership. Speaking from the home of Faten Salloum and Samer Ghazi, Freeland highlighted various initiatives aimed at making housing more accessible for Canadians.
Freeland began by acknowledging the traditional territories of Indigenous nations in the area and expressed gratitude to the Ghazi family for sharing their home. The couple successfully utilized a First Home Savings Account and the Home Buyers’ Plan to purchase their first home, exemplifying the benefits of recent government programs.
In her remarks, Freeland provided a positive overview of the Canadian economy, noting that Canada has led the G7 in achieving a soft landing following the COVID-19 recession. With inflation rates easing to 2% and wage growth outpacing inflation for 19 consecutive months, she emphasized that Canadians are experiencing increased purchasing power.
Samer and Faten shared with me how beneficial our government’s new mortgage measures are. With smaller downpayments and 30-year amortizations for first-time buyers and buyers of new builds more Canadians will be able to move into their dream home. pic.twitter.com/KIPtM9nj5J
— Chrystia Freeland (@cafreeland) October 10, 2024
Among the key measures announced were 30-year mortgage amortizations for first-time homebuyers and those purchasing newly built homes, effective December 15, 2024. Freeland also revealed that the insured mortgage limit would increase to $1.5 million.
In a bid to promote “gentle density” in urban neighborhoods, the government introduced additional measures that facilitate homeowners in adding secondary suites to their properties. Homeowners can now refinance their mortgages with a 30-year amortization plan, accessing up to 90% of their home’s value, including the value added by the new suite, with eligibility extending up to $2 million for insured mortgages. These changes will take effect on January 15, 2025.
Freeland also emphasized that homeowners with insured mortgages will not need to requalify under new stress tests when switching lenders, a significant relief for many facing mortgage renewals. The government aims to build 4 million homes by 2031, emphasizing the removal of GST on purpose-built rentals and collaborating with municipalities to streamline housing development.
In a hopeful conclusion, Freeland reported a decrease in rental prices across the Greater Toronto Area. She noted that in Toronto, rents for one-bedroom and two-bedroom apartments have dropped by over 1% and 0.8%, respectively, month-over-month, with similar trends observed in Mississauga, Oakville, North York, Etobicoke, Burlington, and Brampton.
The Deputy Prime Minister’s announcements signal a proactive approach to address the housing crisis, providing families with the tools needed to secure affordable housing options.
For more updates on housing initiatives and community news in the Greater Toronto Area, stay tuned to GTA Today.
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