Muhammad Arif Realtor

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New Mortgage Rules

On September 12, 2024, the Government of Canada announced a series of bold reforms to Canada’s mortgage rules to unlock homeownership for more Canadians. These changes include:

Increasing the Insurable Mortgage Cap: Effective December 15, 2024, the Government of Canada is increasing the price cap on insured mortgages from $1 million to $1.5 million. This change will allow more Canadians to qualify for a mortgage with a downpayment of less than 20 percent.
Expanding Mortgage Amortization Eligibility: Effective December 15, 2024, the government is expanding eligibility for 30-year mortgage amortizations to all first-time home buyers and to all buyers of new builds. To be considered a first-time homebuyer, a borrower must meet one of the following criteria: the borrower has never purchased a home before; in the last four years, the borrower has not occupied a home as a principal place of residence that either they or their current spouse or common-law partner owned; or the borrower recently experienced the breakdown of a marriage or common-law partnership. On this point, the regulations will follow the Canada Revenue Agency's approach concerning the Home Buyers’ Plan. To be considered a new build, the new home must not have been previously occupied for residential purposes. This requirement is not intended to exclude newly constructed condominiums with an interim occupancy period.

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