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Helping Canadians Achieve Homeownership
In light of recent developments, we’re pleased to provide an update on the Government of Canada’s new mortgage reforms. These changes are aimed at making mortgages more affordable and homeownership more attainable. As announced on September 16, 2024, a range of reforms will take effect to address current housing market realities and empower more Canadians to become homeowners.
Key Updates to Mortgage Rules
1. Increased Price Cap for Insured Mortgages
Starting December 15, 2024, the price cap for insured mortgages will increase from $1 million to $1.5 million.
This adjustment reflects today’s housing market realities and enables more Canadians to qualify for mortgages with a down payment below 20%.
2. Expanded 30-Year Mortgage Amortizations
Also effective December 15, 2024, eligibility for 30-year mortgage amortizations will be expanded:
Available to all first-time homebuyers.
Extended to all buyers of new builds, including condominiums.
This reform reduces monthly mortgage payments, helping more Canadians unlock the door to homeownership.
3. Supporting New Housing Construction
By incentivizing the purchase of new builds, these measures align with the government’s commitment to addressing the housing shortage.
Building on Budget 2024, this initiative reinforces the push for increased housing construction while making homeownership more affordable for young Canadians and growing families.
At Magnolia Group Realty, we’re committed to keeping you informed about the latest opportunities in the real estate market. Whether you’re a first-time buyer or planning to invest in a newly constructed home, these new rules present fresh possibilities.
Need personalized advice? Contact us to explore how these reforms can work for you!
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