Big mortgage rule changes

In a press release issued September 16, 2024, the Canadian government announced two major changes to mortgage rules, building on earlier reforms announced in the federal budget.

Calling them the “boldest mortgage reforms in decades”, these latest changes aim to make mortgages more affordable and put home ownership within reach for first-time buyers.

The following changes will take effect on December 15, 2024:

1. Insured mortgage price cap increase: The cap for insured mortgages will be increased from $1 million to $1.5 million, making it easier for more Canadians to qualify with less than a 20% downpayment.
2. Greater eligibility for 30-year amortizations: All first-time buyers and all buyers of newly built homes (including condos) will be eligible for 30-year amortization mortgages. ?

These changes open up some new possibilities for aspiring homeowners and existing homeowners who may be considering a new purchase.

Reach out if you have questions about the new changes and want to understand how they might work for you!