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Saturday, July 5, 2025

Lenders can offer more 30-year mortgages starting Thursday – but they won’t be cheap

By
Isaac Lamoureux, True North Wire
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Source: Unsplash

Extending a mortgage by five years will lower Canadians’ monthly housing costs by a few hundred dollars but cost them six figures in the long run. 

The promise made by the Liberals in the 2024 federal budget to offer Canadians 30-year mortgage amortizations will come into effect for certain homebuyers on Thursday.

Lenders can begin offering 30-year mortgage amortizations to first-time homebuyers purchasing new builds starting Aug. 1. 

“Extending amortizations by up to five years will allow for lower monthly payments — helping more young Canadians unlock the door to their first home, while also incentivizing the construction of more new homes,” said the Liberals in a press release.

Economist and Macdonald-Laurier Institute fellow Jack Mintz told True North that a longer-term mortgage could help with affordability limits imposed by regulation.

“There is also risk involved with interest rates and house prices changing over time. One can get stuck with the 30-year mortgage when needing to sell a house,” said Mintz.

In June 2024, the average house in Canada cost $696,179, according to the Canadian Real Estate Association. The most expensive housing was found in British Columbia, with an average cost of $998,721 per home. Canada’s cheapest housing was found in Newfoundland and Labrador, where an average home cost $293,700.

Mintz said that because the new amortization will only be applicable to first-time homebuyers, he is not sure that it will affect demand or prices in any notable way.

For a 30-year mortgage, the monthly cost of the average home in Canada would fall to $3,477 per month, compared to $3,789 for the same home with a 25-year mortgage. However, the total cost would rise from $1,136,853 to $1,251,835, an increase of almost $115,000. 

The 30-year amortization would see Canadians pay the same $651,561 in principal, after deducting the minimum possible down payment from the housing cost, but $600,274 in total interest, compared to $485,292 paid in interest throughout a 25-year mortgage amortization. 

Saving just over $300 a month would cost Canadians $115,000 over the full realization of their mortgage. The cost would be greater for any home that exceeds the average cost of a home in Canada. All of the calculations assume a 5% interest rate throughout the full mortage term.

Mintz said that prospective buyers should only consider a 30-year amortization if they have no other choice to keep up with affordability limits. He offered an alternative that the feds could take to address housing affordability.

“Build, baby, build,” he said. “And control immigration that is pushing up population growth and demand for housing.”

Mortgage amortizations of 30 years existed in Canada before the Liberals’ 2024 federal budget announcements. However, home buyers would have to spend at least 20% on a down payment for these mortgages. They would generally be subject to higher interest rates because the lender can’t purchase default insurance in case of foreclosure.

The Canada Mortgage and Housing Corporation only offers default insurance coverage for mortgages with a maximum amortization period of 25 years.

Housing affordability reached an all-time low in April.

Prime Minister Justin Trudeau promised to fix Canada’s housing woes by building four million new homes by 2031, or 1.096 houses per minute, requiring Canada to more than double its housing starts for the next seven years straight. 

Since the promise, housing starts have not doubled. In fact, between May and June, they decreased, according to the CMHC.

OP-ED: Poor government policy helping drive residents away from British Columbia

By
Grady Munro
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Source: Unsplash

A recent poll revealed that 36 per cent of British Columbians—that’s more than one in three residents—say they’re “seriously thinking” about leaving the province because of the cost of housing. Incidentally, last year B.C. experienced a net loss of 8,000 residents to other provinces. Given that the provincial government has failed to adequately address affordability woes, it’s no surprise that people want out.

British Columbia has some of the least affordable housing in Canada. It’s a simple supply and demand problem—housing costs rise when the number of would-be buyers or renters outpaces the number of available homes, and the province currently faces a generational shortage in housing. From 2018 to 2022, each year (on average) the province added 86,339 residents while only adding 39,776 home completions—which equals 2.2 new residents for every new house completed.

To fill this gap and restore housing affordability, an estimated 610,000 new homes must be built in the province by 2030. To meet this goal, annual housing completions must more than double. While the Eby government did introduce legislation earlier this year that begins to address the issue, mainly by helping reduce building fees, the government may not have gone far enough.

Housing affordability is not the only concern in B.C. According to the poll, many residents also worry about the cost of living, economic growth and government spending.

And British Columbians are right to be concerned. B.C. lags behind its regional neighbours (including Alberta, Washington and Oregon) on key measures of wellbeing such as per-person GDP (a broad measure of living standards) and employment income. In other words, British Columbians are worse off than residents in neighbouring jurisdictions. Yet despite this clear prosperity gap, the Eby government continues to pursue policies that make the problem worse.

For example, economic growth relies in large part on the ability of businesses to attract investment and capital to equip their workers with tools and technology that allow them to be more productive. Currently, a lack of business investment is driving a national emergency in terms of economic growth.

In B.C., although there’s a clear need to attract new investment, the Eby government’s fiscal policy is doing the opposite. Over the next three years, the government is expected to run annual budget deficits of at least $6.3 billion each year and accumulate $55.1 billion in new net debt (total debt minus financial assets).

Combined with long-term capital spending, this means that provincial net debt will reach a projected $128.8 billion by 2026/27, which is more than double the level in 2022/23 ($60.7 billion). Empirical research suggests that when government debt rises it can increase the costs of private borrowing, which can deter private investment.

Moreover, B.C. has some of the highest personal income tax rates in North America, which puts the province at a competitive disadvantage when trying to attract high-skilled workers. Reduced competitiveness, and the fact that high taxes reduce incentives to work and invest, further compounds the province’s economic woes.

B.C. has long been among the most desirable provinces to live in, but recent polling data suggests that many residents may leave (or have already left). While some factors are beyond its control, the Eby government should address widespread concerns about housing, economic growth and the dismal state of provincial finances to help make B.C. a desirable place to live again.

Grady Munro and Jake Fuss are fiscal policy analysts at the Fraser Institute.

The Faulkner Show | Former Jasper Park official SPEAKS OUT against Parks Canada leadership

By
Harrison Faulkner
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Source: Facebook

Former senior planner at Parks Canada Peter Scholz joins Harrison Faulkner on the latest episode of The Faulkner Show to discuss the devastating wildfires in Jasper National Park last week.

While the left wants you to believe climate change is the cause for the wildfires, Scholz pins the blame on Parks Canada senior leadership and Justin Trudeau’s Environment Minister for failing to clean up the national parks and implementing enough fire prevention strategies.

Watch the latest episode now with Harrison Faulkner.

King Charles sends sympathies to victims of Jasper wildfire

By
Noah Jarvis, True North Wire
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Source: Facebook/X

King Charles III has offered his sympathies and support to those affected by last week’s devastating wildfire in Jasper.

The King shared his and Queen Camilla’s appreciation for the efforts of first responders while admiring Canadians’ strength and resilience to rebuild what has been lost.

“My wife joins me in expressing our deepest sympathy for all those whose lives and livelihoods have been affected by the wildfires that continue to burn across much of Western Canada,” His Majesty wrote. “Our thoughts are particularly with those who have lost their homes and property and have had to be relocated-these are dark times, but we greatly admire the strength and resilience of so many people to persevere and rebuild.”

The King gave special thanks to the firefighters who continue to help in extinguishing the fire and the other first responders and volunteers who helped to successfully evacuate Jasper’s residents.

“It is often the most difficult times that bring people and communities closest together. As always, my heartfelt thanks goes to the dedicated first responders—the firefighters, police, healthcare professionals and community volunteers and leaders- who, through their actions and commitment, remind us all of the dedication that lies in public service,” said King Charles.

“The number of firefighters who have come from across the world to offer their services speaks not only to the sense of solidarity that exists within that professional community, but also the high regard in which Canada and Canadians are held around the world.”

Jasper has seen an outpouring of support in the light of the wildfire from elected officials across the province, including Premier Danielle Smith’s heartfelt ode to Jasper and its residents last week. 

The devastating fire in Jasper is estimated to have claimed thirty percent of the town, according to officials. 

The evacuation of Jasper saw more than 20,000 residents and visitors evacuate within five hours of the notice to leave with no reported casualties. 

Parks Canada says firefighters are still working to extinguish lingering fires and that Jasper is still at risk from the wildfire.

Jewish group says “time for platitudes is over” amid spate of antisemitic attacks

By
Clayton DeMaine, True North Wire
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Source: X

A Jewish rights organization is once again calling on all levels of government and all Canadians to do their part in curbing the rise of antisemitism in Canada following the vandalism of a synagogue and attacks against multiple businesses in a heavily Jewish community.

In the last week, Beth Tzedec congregation, a Jewish shul, was vandalized with pro-Hamas graffiti and several sites, including a Judeo-Christian Messianic temple and multiple businesses in Thornhill, Ont. were targeted in what B’nai Brith is calling antisemitic attacks.

Thornhill Conservative MP Melissa Lantsman blamed the government’s inaction for the crime wave.

“Defacing a kosher grocery store in Thornhill and the brazen vandalism on businesses in our community today are clear forms of intimidation and nothing more,” she said on X. “A government that accepts this as the new normal deserves to be defeated so that everyone can feel safe in this country.”

Rich Robertson, the research and advocacy manager at B’nai Brith Canada, echoed the point, calling on every Canadian to “stop the spread of antisemitism.”

“This recent spate of anti-Israel graffiti targeting Jewish institutions is the result of the devolution of a situation that has now been going on for months,” Robertson told True North. “B’nai Brith has repeatedly called on all levels of government to take more definitive action to stop the spread of antisemitism and the inciting anti-Israel rhetoric that is leading to these incidents, and sadly, we have not seen enough from our authorities.”

He said the Jewish community needs action before the incitement and antisemitic incidents escalate into person-targeted violence.

B’nai Brith is calling for “stronger investigations” that lead to charges being laid and successful prosecutions, a revamping of hate crimes legislation to better define antisemitism, stronger messaging from all levels of government and clarity from the attorney general when it comes to enforcing hate crimes.

“The Jewish community is feeling targeted. It is feeling ostracized. The repeated attacks and efforts to intimidate our community are unacceptable. Such instances should never be welcomed against any community here in Canada,” Robertson said. “It’s time for Canadian stakeholders to make that clear.”

Concerns were raised online that two fires on Jewish school property were part of the recent wave of antisemitic vandalism incidents, though Toronto police say they are unrelated.

Early Monday morning, a Jewish school bus with a sign written in Hebrew letters visible in the window was engulfed in flames. There was also a fire at the Leo Baeck Day School Tuesday morning that Toronto Fire Services put out. 

“Both investigations are ongoing. The Hate Crime Unit has been consulted about both incidents, and there is no evidence that either were motivated by hate,” a Toronto Police Service representative told True North.

Police said the cause of the school fire was “undetermined, with no suspicious circumstances noted at the scene.” They said that the bus, which was out of commission and had been at the location for an “extended period of time,” was “destined for the scrap yard.”

Rebel News’ Ezra Levant isn’t buying the Toronto police statement, saying he has evidence to the contrary. Levant blamed the rise of antisemitism on Canada’s mass immigration policies.

“Canada has imported millions of antisemitic immigrants. Politicians want their votes, so they’ll abide this,” he said in a post on X Tuesday morning.

Before the police issued the statement, Liberal MPs Marco Mendicino and Ya’ara Saks released their own statements about the bus burning, believing it to be an antisemitic attack. Even so, Robertson isn’t putting much stock in their “platitudes.”

“The time for platitudes and commentary from our leaders at all levels of government has passed. The Jewish community needs action,” he said.

According to Statistics Canada, reports of antisemitic hate crimes were up by 71% in 2023 when compared to the previous year. Hate crimes against Jewish people made up 70% of all hate crimes based on religious background in Canada last year.

“It is an affront to Canadian morals and values and to our democracy that the Jewish community remains under such constant threat of intimidation and incitement,” Robertson said. “It must end immediately, and it’s up to every Canadian to do everything in their power to ensure that this situation does not digress any further.”

Ex-Liberal MP claims viral photo of man seemingly defecating at Brampton gas pump is fake

By
Clayton DeMaine, True North Wire
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Source: X

A viral photo of a man apparently defecating in front of a gas pump in Brampton, Ont., is sparking outrage online, while some are calling the image a fake.

Former Liberal MP Raj Grewal, who claimed to own the property in the photo, says the image is fabricated as the incident it purports to show never happened.

“I own this property. This DID NOT happen. It’s photoshopped,” he said on X.

When asked to provide proof by users on social media including True North’s Harrison Faulkner, he didn’t respond.

The photo of the turban-wearing man squatting with his pants down while holding a coffee cup underneath him was taken at the K2 Mart at 35 Cherrycrest Dr. in Brampton.

A worker at the K2 Mart told True North over the phone that he doesn’t know anything about the incident, doesn’t have access to any of the security cameras and could not provide the contact information of the owner who would have that access.

When asked if Grewal was prepared to provide security camera footage or any other proof that the image was altered using AI or Photoshop, Grewal did not respond to True North’s requests.

Several commenters on X claiming experience in Photoshop said there are no telltale signs of the image being doctored. 

It’s impossible to say definitively whether or not the image is altered in any way without the metadata of the original photo. However, several AI detection sites, such as ChatGPT, Is it AI, and Fake Image Detector, say “no errors were found” in the photo, indicating it wasn’t altered.

A site called FotoForensics also shows that there are no obvious signs of manipulation of the photo.

ChatGPT says the image “Does not have obvious signs of being AI-generated and appears to be a genuine photograph.”

Many are pointing at the reflections in the image, saying lighting and reflections are difficult to replicate in Photoshop, and if the image was doctored, the artist would have to possess a skill worthy of Hollywood movies.

Others point to the reflections and come to the opposite conclusion, saying that the reflection shows a man standing where he is squatting in the photo. Others say the man’s complexion doesn’t match his supposed country of origin.

Baaz News Org also called the image disinformation, though the only source provided was Grewal “confirming” that the incident never happened.

Grewal left the Liberal caucus in 2018 to deal with a “gambling problem” and underwent an RCMP investigation for fraud and breach of trust charges. However, a judge dismissed all charges against him due to a lack of evidence from the Crown against him.

Another BC United MLA crosses floor to Conservatives ahead of fall election

By
Noah Jarvis, True North Wire
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Source: Facebook

BC United MLA Teresa Wat will be crossing the floor to the BC Conservatives and seeking re-election under their banner.

Wat will become the third MLA in two months to abandon BC United, formerly the BC Liberals, to join the BC Conservatives, following Lorne Doerkson and Elenore Sturko. 

In an emailed statement from a BC United spokesperson, the party said that if Wat feels her values align better with John Rustad, she should join the BC Conservatives.

“We can confirm that BC United MLA Teresa Wat, who was elected under the BC Liberal banner three times, has indicated her intention to leave our team and join John Rustad’s party,” reads the statement. “As we gear up for the October election, we want to ensure that all of our candidates share our vision and values. If Teresa Wat feels that her values better align with John Rustad’s Party, we wish her well.”

BC United also accused Wat’s staff of exporting large amounts of confidential BC United information before she announced her decision to leave the party.

“Sadly we can confirm that a significant amount of confidential member information was exported by her team, prior to her decision to leave.”

BC United told True North it maintains that Wat had exported confidential data before announcing her departure because the party is notified whenever information is exported from its servers.

True North reached out to Wat, but received no response. 

In a BC Conservative press release, Wat said that she has been contemplating the move to the BC Conservatives for months after conversations with her constituents.

“This was not an easy decision, but one that I have been contemplating for many months. “After countless conversations with the constituents in my riding of Richmond North Centre, it became clear that the number one priority I hear all day, every day, is that the BC NDP must be defeated in the next election,” said Wat.

“It has also become clear that the best party to defeat the NDP is the BC Conservative Party.”

Polls show that the BC Conservatives are likely to win in Richmond North Centre, while the BC United is projected to place third.

Canadians spend more on taxes than food, shelter and clothing combined: study

By
Quinn Patrick, True North Wire
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Source: Pexels

The average Canadian spent more on taxes last year than they did on basic amenities such as shelter, groceries and clothing combined, according to a new report.

“Taxes remain the largest household expense for families in Canada,” said study co-author Jake Fuss, director of fiscal studies at the Fraser Institute.

The average Canadian family earned an income of $109,235 in 2023 but were also forced to fork over $46,988 in total taxes, meaning that 43% of income is lost to taxation, higher than the 35.6% Canadians spend on basic necessities. 

The report, Taxes versus the Necessities of Life: The Canadian Consumer Tax Index 2024 Edition, noted the dramatic spike in taxation over the past 60 years. 

The average Canadian family only spent 33.5% of its income on taxes in 1961 and 56.5% on basic necessities.

However, taxes have rapidly outpaced any other single expenditure for the average Canadian family, with the average family tax bill having increased by 2,705% since 1961. 

Annual housing costs increased over that time period as well, but remained 700% lower than the increase in taxation. 

Food has increased by 901% and clothing by 478% since 1961. 

“Considering the sheer amount of income that goes towards taxes in this country, Canadians may question whether or not we’re getting good value for our money,” said Fuss.

The study defined Canadians’ total tax bill as money paid in the combination of federal and provincial taxes, including income taxes, payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, carbon taxes, vehicle taxes, import taxes, alcohol and tobacco taxes, “and the list goes on.”

“Canadians pay too much tax because politicians and government bureaucrats waste too much money,” Franco Terrazzano, federal director for the Canadian Taxpayers Federation told True North. 

According to a separate study released by the Fraser Institute in June, it takes the average Canadian family five to six months to pay off their total tax bill before they can begin earning money for themselves. 

The think tank refers to this day as “Tax Freedom Day,” referring to how income would work if all taxes were paid up front. 

For the average family, it wouldn’t be until mid-June that its income could actually be taken home.

“If the average Canadian family had to pay its taxes up front, it would have worked until June 12 to pay the total tax bill imposed on it by all three levels of government,” reads the institute’s Tax Freedom Day report. 

The federal government commissioned several focus groups ahead of its 2024 budget to see what Canadians thought needed to change going forward. 

Among the recommendations, Canadians had for the Liberals’ federal budget was to cut taxes, particularly the carbon tax.

Despite the fact that the focus groups, made up of Canadians from various backgrounds, provinces, and socioeconomic levels were commissioned by Finance Canada to get an understanding of Canadians’ needs, their recommendations were ultimately ignored and taxes increased. 

“The results show that the tax burden faced by the average Canadian family has risen compared with 62 years earlier. The total tax bill, which includes all types of taxes, has increased by 2,705% since 1961, and the tax bill has grown more rapidly than any other single expenditure item,” concluded the Fraser Institute study. 

Terrazzano said that the less politicians spend, the more affordable life will become for citizens. 

“Canadians are struggling and politicians should make life more affordable by taking less money from our wallets,” he said. “We need politicians to put down the taxpayer credit card and pick up some scissors.”

Take Back Alberta founder says court hearing “a win” despite contempt finding

By
Isaac Lamoureux, True North Wire
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Source: X

The founder of a grassroots Alberta political action group has been found in contempt of court for failing to produce documents requested by Elections Alberta. However, David Parker deemed today’s ruling as proof that the rule of law still exists in Canada because a warrant wasn’t issued for his arrest.

Leighton Grey, Parker’s lawyer, said the investigation, which began last December, was opaque and continues to be that way.

Grey has participated not only in Parker’s interviews but also sat through six interviews with other people who have worked with Take Back Alberta. 

“I would describe all of these as basically fishing expeditions. They really don’t know what they’re looking for. They’re hoping to find something,” said Grey. “Elections Alberta has an interest in David Parker personally and in some sort of ad hominem way that they’re looking to find something because they see him as an opponent.”

True North previously reported that Parker declared an “endless war” on Elections Alberta.

Elections Alberta served Parker with a notice requiring him to produce certain documents.

Some of the requested documents include names of donors to Take Back Alberta and an invoice for Jordan Peterson’s appearance in Red Deer last May, right before the provincial election. 

Take Back Alberta sponsored the Peterson event but received no revenue. Parker said his private company, not Take Back Alberta, paid the speaking fee and collected the ticket sales. 

“Now, Elections Alberta is claiming that Jordan Peterson’s event is elections advertising, which is ridiculous on its face because then they would have to say that both of the events that Jordan Peterson did in Calgary and Edmonton are also election advertising,” said Parker. 

Grey said Parker hesitates to give his donors’ names because he respects their privacy and is not sure why Elections Alberta wants them. He added that Elections Alberta does not know whether Parker has one name, ten names, or thousands. And neither does Grey.

Parker offered to provide the requested documents within 30 days, with a $1,000 fine, should he fail to comply. Elections Alberta demanded that investigators receive everything within seven days, even things that were not in his possession. If he failed to produce the documents within seven days, they called for a warrant for his arrest, said Grey. 

“Elections Alberta attempted to imprison me. That was their request and that was roundly denied by the judge,” said Parker. 

Because of this threat, Parker appeared in court on Monday. Grey said the judge sided with them on the appropriate way forward, giving Parker 25 days instead of 30. Instead of a $1,000 fine, as proposed by Parker, he will be subject to a $5,000 fine should he fail to produce the documents. 

Grey said that the judge did not consider the request for a warrant for Parker’s arrest seriously.

“My impression from looking at the Elections Alberta people is that they weren’t very happy about that. I think that jail thing was a very key piece of it,” said Grey. 

Parker said that he would contact all of his donors and have discussions with them regarding any paperwork he needs to hand over. He said if he speaks with a donor and they request that he doesn’t reveal their name, then he will not. 

“The documents I do have, with donors’ permission, I will hand over,” said Parker. 

Elections Alberta hasn’t requested any documents from Take Back Alberta or its board, Grey said.

Parker can issue a statutory declaration if he does not possess a document requested by Elections Alberta, which Grey declared a “key win.”

“Instead of doing the job they’re supposed to do, which is to make sure we have free and fair elections, they’re basically targeting people they don’t like, who they think could be influential actors in future elections,” said Grey. “That’s why I say today for David is probably a win. For the most part, the judge just ordered him to do what David was prepared to do and what he offered to do last week.” 

Parker said that he is appalled by Elections Alberta’s behaviour. 

“I’m very encouraged that the rule of law appears to be upheld in Alberta… But I think this is just further proof of the danger of giving power to unelected bureaucrats,” said Parker.

Elections Alberta told True North that it is prohibited by law from publicly commenting on investigations but will publish findings and decisions on the website if penalties are imposed. 

Editor’s Note: David Parker is married to a True North journalist, who did not contribute to this story.

The Andrew Lawton Show | The Liberals have bungled Canadian immigration

By
Andrew Lawton
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Source: Facebook

Canadians are turning on the immigration system, with recent polling showing Canadians think immigration rates are too high. This is Justin Trudeau’s fault, True North’s Andrew Lawton says. By setting arbitrary targets and making virtue signalling the goal over a sensible, measured approach to immigration, Trudeau has let the system get out of control. Can it be fixed?

Also, the federal government has given the health minister, right now Mark Holland, the right to override Health Canada and unilaterally ban some products based on harm concerns – with no need for study or legislation. David Clement of the Consumer Choice Center says Canadians should be concerned about this consolidation of power in one person’s hands. He joins the show to explain why.

Plus, leaders around the world are condemning the sham election in Venezuela that Nicolas Maduro claims re-elected him. Ana Rizo of the Ladies of Liberty Alliance joins to discuss what’s happening and why it matters.

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