Exciting new mortgage rules in Canada!
1. Increase in Insured Mortgage Price Cap:
The government is raising the price cap from $1 million to $1.5 million, which will come into effect on December 15, 2024. This change aims to help more Canadians qualify for insured mortgages, making homeownership more attainable, especially for younger Canadians.
2. Expanded Eligibility for 30-Year Amortizations:
First-time homebuyers and buyers of new builds will now be eligible for 30-year insured mortgage amortizations. This is aimed at reducing monthly mortgage payments and helping more Canadians, particularly Millennials and Gen Z, achieve the dream of owning a home.
3. Increased Mortgage Competition:
The strengthened Canadian Mortgage Charter now allows insured mortgage holders to switch lenders at renewal without being subject to another stress test. This change is intended to foster greater competition and ensure Canadians have access to the best mortgage deals.
This is a major win not just for first-time buyers, but for the entire housing sector. To learn more or to discuss how this can affect your mortgage, get in touch today!
