Recent News Articles

Mortgage loan rules are changing in Canada

Justice Minister Arif Virani's draft bill of rights for renters and homebuyers

Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised in its budget five months ago.

Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.

Ottawa also wants to boost transparency by making sales price history available on title searches, and protect potential buyers from blind-bidding.

"What we find is important is ensuring that there's a level playing field when you're trying to rent a place to live, or to actually get to the stage of buying a home," Virani said.

The government is touting the measures it announced Monday as the "boldest mortgage reforms in decades," and it comes after a year of criticism over high housing costs.

The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.

Freeland's plan for a Fall Economic Statement

Freeland says she plans to table a Fall Economic Statement but would not say when. Such a move may lead to a confidence vote in the Commons, following the NDP ending a formal agreement to prop up the minority Liberal government in such votes.

She also said the government is "absolutely not" considering a home-equity tax on primary residences above a certain value, when asked about government engagement with a group that promotes such a policy.