Big changes came to the Canadian mortgage landscape on December 15th, 2024, making home-ownership more accessible for many Canadians. Here’s your comprehensive guide to the key updates:

30-Year Amortizations: Opening New Doors

The introduction of 30-year amortizations brings exciting opportunities for specific buyer categories:

• New Construction Purchases: All buyers of newly built properties can now access 30-year amortizations on insured mortgages
• First-Time Home Buyers (FTHB): Eligible for 30-year amortizations on insured mortgages
• Mixed Applications: Only one applicant needs to qualify as a FTHB for the 30-year option

Purchase Price Limits: A Significant Boost

The maximum purchase price for insured mortgages has been increased to $1.5 million, while maintaining the existing down payment structure:
• 5% down payment on the first $500,000
• 10% down payment on the remaining balance

What This Means for You:
These changes represent a significant shift in Canadian mortgage policy, making homeowner-ship more attainable for many Canadians, particularly first-time buyers and those looking at new construction properties.

Stay informed and take advantage of these new opportunities to achieve your homeownership goal.