19:59:54 EDT Tue 30 Apr 2024
Enter Symbol
or Name
USA
CA



Royal Bank of Canada
Symbol RY
Shares Issued 1,414,684,980
Close 2024-04-11 C$ 137.25
Market Cap C$ 194,165,513,505
Recent Sedar Documents

FP/wire say BMO, rivals hear mtge rules to be relaxed

2024-04-12 08:42 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Financial Post reports in its Friday edition that Finance Minister Chrystia Freeland announced on Thursday that Canada will be relaxing its mortgage rules to allow first-time home buyers to take out 30-year loans when they purchase newly-built homes. A Bloomberg dispatch to the Post reports that the new rule will come into effect on Aug. 1 and is primarily aimed at providing relief to younger voters struggling with the skyrocketing housing prices and high interest rates. Ms. Freeland explained that this change would translate into lower monthly payments for first-time home buyers, making it easier for them to pay off their mortgage on a new home. The Canadian government is currently grappling with a significant housing shortage to meet the needs of its rapidly growing population. While housing construction activity had picked up during the early stages of the COVID-19 pandemic, it slowed down after interest rates began to rise. According to the government's housing agency, at the current pace of activity, Canada will be short of millions of homes required to create a more affordable market by 2030. The slow pace of building has heaped pressure on Justin Trudeau's government to try to boost development.

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