Mortgage Blog

We have new regulations effective December 15th

The maximum price for insured mortgages will increase from $1 million to $1.5 million. This means that buyers can now purchase homes up to $1.5 million with a down payment of less than 20%, provided they obtain mortgage insurance.
This change is particularly beneficial in higher-priced markets, enabling more Canadians to enter the housing market with a smaller initial investment.

Minimum Downpayment rules:

5% for the first $500,000

10% on the remaining

If you are buying a new construction property all buyers can also increase your amortization from 25 to 30 years.

Extending the amortization period reduces monthly mortgage payments, making homeownership more affordable and easing the financial burden for new buyers.

First-time buyers can increase their amortization from 25 to 30 years

for all properties.

What This Means for You: These reforms are designed to make homeownership more attainable and provide greater flexibility in managing your mortgage. 

Next Steps: If you're contemplating a home purchase, now is an excellent time to review your options. I'm here to help you navigate these changes and determine how they may benefit your specific situation.