e-4634 (Economy and finance)
- Keywords
- Home ownership
- Mortgages
Original language of petition: English
Petition to the House of Commons
- Average selling price of a condominium in the Greater Toronto Area to be $737,868, exemplifying the significant financial challenges prospective homeowners face in key urban markets;
- CREA records demonstrate the national average house price, remaining within the $680,000 to $700,000 range for four consecutive years, thus underscoring nationwide reach of elevated housing costs;
- Current regulations set by the Canada Mortage and Housing Corporation (CMHC) necessitate a minimum equity requirement which, being outdated, imposes undue financial strains and barriers upon a majority of prospective buyers;
- CMHC’s stipulated maximum property value for insured mortgage loans is confined below $1,000,000.
- Open for signature
- November 15, 2023, at 3:54 p.m. (EDT)
- Closed for signature
- March 14, 2024, at 3:54 p.m. (EDT)