Canada budget 2024: Housing strategy could inflict short-term pain, say industry watchers

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Federal Budget News

Jason Mercer,Canadian Home Builders’ Association,Amortization

Federal budget proposes increasing RRSP withdrawal limit for first-home buyers and extending mortgage amortization

industries, but some are questioning whether the efforts might make the country’s affordability issues worse in the short term.

In January, Lee publicly advocated for the federal government to consider a series of recommendations.While changes to the stress test policy, which mandates borrowers to qualify for a mortgage at a rate two per cent higher than the offered contract rate, were not included in this year’s budget, Lee lauded the amortization change.

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