Higher Down Payments and/or Shorter Amortization Periods

There is strong speculation that the federal government may further tighten mortgage financing rules; in particular, raise down payment requirements and shorten amortization periods. This would make it more difficult for some Canadian families to realize the dream of homeownership and could have a detrimental impact on existing homeowners and the economy. Finance Minister Jim Flaherty said he is monitoring the situation, and will take action if needed.

In a December letter to the Minister of Finance, CREA’s CEO Pierre Beauchamp raised concerns about additional changes to mortgage financing rules.

How You Can Help


It is important for individual REALTORS® and public to respectfully write their Member of Parliament (MP) and explain the negative impacts additional mortgage financing rule changes would have on homebuyers, homeowners and the economy.

Click here for a draft letter that you can print. You should fill in your MP’s name and personally sign and send the letter. No postage is required if sending to your MP’s Ottawa office.

Contact information for your MP can be found here (enter your postal code and your MPs contact information will be given).