Sunday Dock Read – Condo Update, Liberals Legislation, Indigenous People Lead Out West
A condo buying frenzy swept most major Canadian cities during the peak of the pandemic around 2022. It was a huge seller’s market in most places with a population over 500,000, most notably Toronto. Simply not enough inventory to keep up with buyer demand sent prices to the moon.
Quick Hits: Liberals Announce 30-Year Terms and $1.5 Million Limit
On Monday September 16th, the Liberal government announced proposed reforms to the Canadian mortgage market aimed at making homeownership more accessible. Key changes include extending the amortization period for insured mortgages to 30 years (up from 25) and raising the cap on insured mortgage amounts to $1.5 million from $1 million.