Reduce your monthly mortgage costs when you need it most Share Insurance premiums on a new mortgage can be up to 4% of the purchase price of a home. On the average Canadian home, this means a home buyer could be paying close to $30,000 in premiums over the life of their mortgage. Typically, the smaller your down payment is, the higher your premiums can be. This puts financial pressure on families that can least afford it. To reduce monthly cost for new buyers, we will reduce the price charged by the Canadian Mortgage and Housing Corporation on mortgage insurance by 25%. For a typical person, this will save $6,100. We will also increase the insured mortgage cut-off from $1 million to $1.25 million, and index this to inflation, to better reflect today’s home prices since this threshold was last changed years ago. Unlock Home OwnershipHelp renters become ownersAfford a downpayment, fasterMore flexible First-Time Home Buyer IncentiveSave on your closing costs of buying a homeReduce your monthly mortgage costs when you need it mostBuild More HomesGive cities the tools to speed up housing constructionBuild and repair more affordable housingConvert empty office space into housingHelp different generations of a family live togetherSupport Indigenous HousingEnd chronic homelessnessProtect Your RightsIntroduce a Home Buyers’ Bill of RightsCurb unproductive foreign ownershipStop Excessive Profits in the Financialization of HousingStrengthen federal oversight of the housing marketReduce incentives for speculation and house flipping
