Deputy PM Chrystia Freeland on amendment to mortgage rules – July 29, 2024

Deputy Prime Minister and Finance Minister Chrystia Freeland announces that lenders can offer 30-year amortizations on insured mortgages to first-time homebuyers purchasing new builds starting on August 1, 2024. This will extend amortizations by up to five years and allow for lower monthly mortgage payments in Canada. She is joined at the news conference in Toronto by MP James Maloney (local MP for Etobicoke—Lakeshore) and Kelly Wilson (vice president for Development Concert Properties). The deputy prime minister then takes questions from reporters, discussing the possibility of a cabinet shuffle, the Bank of Canada’s concerns over Canada’s economic performance, and the recent election results in Venezuela.