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Canadian Government Announces Mortgage Reforms

Canadian Government Announces Mortgage Reforms

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. 

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