2024-09-16 | 11:38:19

The federal government announced two new mortgage rule changes today in an effort to make is easier for people to buy homes. These new guidelines will come into effect on December 15th of this year.

First, purchasers will now be able to buy homes up to $1,500,000 with less than 20% down. The previous limit topped out at $1,000,000. This will be especially helpful in major urban centres where the average price of a new home is well over the $1M mark.

Secondly, a 30 year amortization will now be available to all first-time buyers with less than a 20% down payment. The longer amortization had only been made available recently to first-time buyers of newly constructed homes. Allowing a 30 year amortization on resale homes without requiring a 20% down payment will hopefully increase the number of first-time buyers that are able to enter the market.

As always, if you have any questions about your mortgage, or you know someone looking for solid expert mortgage advice, call or email me anytime.

Many thanks,...Patrick