The homeowner can also choose to pay off the entire incentive at any point in the life of the mortgage. Every single federal budget has included measures to increase housing affordability measures in Canada,” said Jean-Yves Duclos, the minister of Families, Children and Social Development, in an interview with the National Post. All three major parties have been focusing on housing affordability recently, with plans taking shape in the weeks before Parliament breaks for the summer. In a speech last month, Conservative leader Andrew Scheer promised to review the mortgage stress test, which was introduced in 2018 and then broadened to include uninsured mortgages at the start of 2019. That would allow buyers to extend the mortgage amount over a longer timespan, lowering payments but incurring more interest.

Source: National Post June 18, 2019 00:21 UTC