Government Announces Boldest Mortgage Reforms In Decades To Unlock Homeownership For More Canadians
Posted by Billy Peshke on
Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, new mortgage rules came into effect on August 1, 2024, allowing 30 year insured mortgage amortizations for first-time homebuyers purchasing new builds.
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
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Increasing the $1 million price cap for insured mortgages to $1.5 million, effective December 15, 2024, to reflect current…
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