Government Introduces Decades Boldest Mortgage Reforms For Mortgage Borrowers
The federal government is working to make mortgages more affordable so that more Canadians may become homeowners, while also taking strong steps to defend the rights of house purchasers and renters. Today, as promised in Budget 2024, the government unveiled plans for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights. These new plans will safeguard tenants from unfair tactics, simplify leases, and boost price transparency, as well as make the home-buying process more fair, open, and transparent.
The government is collaborating with provinces and territories to implement these designs by using the $5 billion in funds available through the new Canada Housing Infrastructure Fund. As part of these negotiations, the federal government is urging provinces and territories to take steps such as protecting Canadians from renovictions and blind bidding, standardizing lease agreements, making sales price history available on title searches, and much more to make the housing market more equitable across the country.
Want to know how this new rate cut is going to impact your mortgage payments? Feel free to talk to our expert mortgage brokers in Abbotsford and we’ll guide you through.
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