
Canada’s major banks and real estate developers are urging the federal government to ease mortgage rules and introduce down payment assistance programs for young, first-time homebuyers purchasing newly built homes.
The group includes major financial institutions such as the Royal Bank of Canada (RBC), BMO, TD, CIBC and Scotiabank, along with 10 major homebuilders, including Minto and Brookfield. They are recommending that the government make the mortgage stress test less restrictive and lower down payment requirements for young first-time buyers. The group says the ongoing slowdown in Canada...

