In September 2024 the federal government announced a few mortgage reforms that will help make mortgages more affordable for Canadians and put home ownership within reach: 

1. Increasing the $1 million price cap for insured mortgages to $1.5 million effective Dec.15, 2024. This will help more Canadians qualify for a mortgage with a downpayment below 20%.

2. Expanding eligibility for 30 yr mortgage amortizations to all first-time homebuyers and to all buyers of new builds effective Dec. 15, 2024.  This measure will help reduce the cost of mortgage payments and help more Canadians buy a home. 

3. Allow all insured mortgage holders to switch lenders at renewal without being subject to another mortgage stress test. Not having to qualify when renewing with a different lender increases mortgage competition and enables more Canadians, with insured mortgages, to switch to the best cheapest deal. 

So you’ve found the perfect house but it needs upgrades or a garage and you don’t have the available funds. If this is the case you may wish to consider a Purchase Plus Improvements Mortgage Option. This mortgage includes anything that materially increases the value of the home. Here’s the list - kitchens, bathrooms, flooring, removal of non-structural walls, interior & exterior doors, new roof, electrical, plumbing, windows, basement renovations, garage build, landscaping, insulation etc. So with this new information in hand your options have just become much more plentiful and the odds have improved that you will truly find your dream home sooner. Contact me for details.