September 16, 2024, OTTAWA, ON – The Greater Ottawa Home Builders' Association (GOHBA) welcomes the federal government’s recent changes to mortgage rules, aimed at improving housing affordability and stimulating new home construction. The changes announced by Finance Minister Chrystia Freeland include extending the 30-year amortization period to all buyers of newly built homes — an important step toward addressing Canada’s ongoing housing supply shortage.

 

“At a time when Ottawa – and the country -  is facing a significant housing shortage, this policy will encourage the building of new homes to meet demand,” said Jason Burggraaf, Executive Director of GOHBA. “At the same time, the extension of the 30-year amortization period for new builds will provide homebuyers with greater financial flexibility.”

 

GOHBA continues to advocate for policies that support new housing construction in Ottawa. The recent changes, including a 30-year amortization period for new builds and an increase in the insured mortgage cap from $1 million to $1.5 million, are steps toward addressing Canada's housing challenges.

 

By expanding financing options, the federal government is enhancing opportunities for homebuyers and bolstering new housing supply. GOHBA stresses that ongoing efforts to support new home construction are crucial for achieving long-term affordability.

 

Media Contact

 

For more information, please contact:
Jason Burggraaf, Executive Director

jason@gohba.ca

 

About GOHBA

 

The Greater Ottawa Home Builders’ Association has been the proud voice for excellence in the home building community since 1951. Builders, developers, renovators, trade contractors, suppliers and manufacturers make up the core of the Association’s membership of over 430 companies. New home construction and professional renovation account for more than 38,000 jobs, $2.7 billion in wages and $5.7 billion in economic investment across Ottawa.