The Ontario Real Estate Association is calling for the federal government to permit 30-year mortgages for all home buyers.

The call comes after Ottawa reintroduced a 30-year amortization rate program for first-time home buyers in advance of Tuesday’s federal budget release. If OREA succeeds in its quest, the move would have widespread implications for condominium purchasers as well as single-family home buyers.

“As families look for a great place to lay down their roots, their budget shouldn’t be contingent on whether they’re purchasing a newly built or pre-owned home,” said Tim Hudak, OREA’s chief executive, in a statement. “In the middle of a housing affordability crisis, many Ontario families, not just first-time homebuyers, would benefit from the relief of 30-year amortizations on their mortgages.”

OREA joined the Canadian Real Estate Association in praising Prime Minister Justin Trudeau’s Liberal government for launching billions of dollars worth of housing-related investments and programs. The Toronto Real Estate Board has also welcomed the federal government’s measures, which include a new $6-billion Canadian Housing Infrastructure Fund and a $15-billion top-up of the Apartment Construction Loan Program.

Pictured: Metropia Union City condominium tower under development in Toronto

Rendering: Canada Newswire/Metropia