ARTICLE · 10 JUNE 2025

Federal Government Announces Reforms To Mortgage Rules – Is It Enough?

Woitzik Polsinelli LLP

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In 2023, the Canada Mortgage and Housing Corporation ("CMHC") estimated that 3.5 million additional housing units needed to be built to reach the target levels of affordability last seen in 2004.

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In 2023, the Canada Mortgage and Housing Corporation ("CMHC") estimated that 3.5 million additional housing units needed to be built to reach the target levels of affordability last seen in 2004. However, as of August 2024, the CMHC estimated that Canada's current rate of homebuilding was 248,480 housing starts per year. It is undeniable that Canada is currently experiencing a housing crisis – both in terms of the number of homes available and the affordability of those homes. The only remaining question is: how do we solve it?

On September 16, 2024, Minister of Finance, Chrystia Freeland, announced the federal government's most recent attempt to address the housing crisis: reform the mortgage rules.

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