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

OREA Seeks 30-Year Mortgages for All Home Buyers

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


Inside The Story

Tim HudakTRREB

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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