Ottawa is Keeping Canadians Out of Homeownership: Mortgage Brokers Seek Action on Affordability

Press release from the Canadian Mortgage Brokers Association, published as received.

FOR IMMEDIATE RELEASE

Ottawa is Keeping Canadians Out of Homeownership: Mortgage Brokers Seek Action on Affordability

CMBA-National calls for mortgage reforms as outdated federal rules leave aspiring homeowners locked out and Canadian families struggling to stay afloat.

OTTAWA, ON (October 26, 2026) – Canadians are working harder, saving longer, and watching the dream of homeownership slip further out of reach. The Canadian Mortgage Brokers Association (CMBA) says it is time for the government to stop standing in the way of Canadians trying to buy a home.

CMBA is calling on Ottawa to overhaul restrictive mortgage policies that are making it harder for first-time buyers to enter the market, preventing existing homeowners from moving up, and leaving families with fewer options to manage mounting financial pressures.

“Canadians are being told to work harder, save more, and wait longer to buy a home. But for too many families, the goalposts keep moving,” said Jessica Rickerby, President of CMBA. “We have Canadians who can afford monthly mortgage payments but cannot get through the front door because of the rules standing in their way. Government needs to recognize that housing affordability is not just about building more homes. It is about making sure Canadians can actually afford to buy them.”

CMBA, representing an industry of more than 45,000 licensed mortgage professionals across Canada, is calling for three immediate federal policy changes to give Canadians a fighting chance at homeownership.

CMBA is urging the federal government to extend maximum amortization periods to 30 years for all insured mortgages and allow up to 40 years for first-time homebuyers. Canada’s restrictive mortgage rules are driving up monthly payments and shutting prospective buyers out of the market. While Ottawa has introduced limited 30-year amortizations, these measures leave many Canadians behind, including existing homeowners looking to move into larger homes. Longer amortization periods would lower monthly payments, give buyers greater flexibility, and help free up entry-level housing for the next generation of homeowners.

CMBA is also calling on Ottawa to restore opportunities for eligible Canadians to refinance insured mortgages up to 90 per cent loan-to-value, subject to strict financial qualifications. Federal changes introduced in 2016 eliminated refinancing options that had previously helped Canadians consolidate debt and manage their finances. Nearly a decade later, families are confronting higher living costs and financial pressures, yet remain restricted from accessing options that could help them regain control. Restoring responsible refinancing opportunities would allow financially qualified homeowners to use their home equity to manage debt while maintaining appropriate lending safeguards.

CMBA is further urging the federal government to establish a national down payment assistance framework, developed in partnership with provincial governments, offering government-supported, repayable loans to qualified first-time homebuyers. For many Canadians, the biggest obstacle is no longer whether they can afford a mortgage payment. It is whether they can save enough money to qualify for one in the first place. Existing down payment assistance programs in provinces such as Nova Scotia and Prince Edward Island demonstrate how governments can provide practical support to eligible buyers, but access remains inconsistent across the country.

“We cannot keep telling an entire generation of Canadians that homeownership is within reach while maintaining policies that push it further away,” said Rickerby. “A young professional with a stable job should not have to spend the better part of a decade saving for a down payment while housing costs continue to rise. And families who have already purchased a home should not be left without reasonable financial options when economic conditions change.”

CMBA says increasing housing supply remains essential, but new housing alone will not solve the affordability crisis if mortgage policies continue to restrict Canadians’ ability to purchase homes. CMBA is calling for a more balanced approach that recognizes the need to improve access to financing alongside efforts to increase housing supply.

“Canada does not have to choose between responsible lending and accessible homeownership. We can have both,” added Rickerby. “The federal government has the ability to make meaningful changes now. The question is whether they are prepared to act.”

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About CMBA-National: The Canadian Mortgage Brokers Association (CMBA-National) is the national voice of mortgage brokers, representing an industry of more than 45,000 licensed professionals across Canada. Mortgage brokers help Canadians navigate the mortgage market, access competitive financing options, and make informed decisions about homeownership. More information is available at www.cmba-achc.ca.

Media Contact:
Anthony Chiovitti
Impact Public Affairs
[email protected]
(647) 573-9392

Earlier: CMBA’s media advisory for today’s Parliament Hill press conference, Housing affordability means more than building homes: Canadians must be able to buy them.