Two big changes are coming to Mortgage Rules effective December 15, 2024:
- Increase to the price cap for insured mortgages (those with less than 20 percent downpayment) from $1 million to $1.5 million. (this to me was an overdue change needed with the increase in home prices)
- 30 year amortizations, up from 25 year amortizations, is no longer restricted to first time homebuyers purchasing new builds, including condos, but will now be available to ALL Canadians buying new builds, including condos. You no longer have to be a first time homebuyer to benefit from the increased amortization period.
These new rules are a big step in helping more Canadians, particularly younger generations, buy their first home.