September 19, 2024 | Uncategorized
Major Mortgage Changes Coming – Here’s What You Need to Know!
Exciting news for homebuyers and homeowners! This week, Canada’s Finance Minister announced key changes to the mortgage landscape, effective December 15, 2024. These updates could open up new opportunities for you:
- Insured Mortgage Cap Raised: You can now qualify for an insured mortgage on homes priced up to $1.5 million (up from $1 million), making it possible to buy a $1.5M home with just a $125K down payment.
- 30-Year Amortizations Expanded: Longer amortization periods are now available for first-time buyers and new builds, offering more flexibility and lower monthly payments
- No Stress Test at Renewal: When switching lenders at mortgage renewal time, you’ll no longer need to pass the stress test, simplifying the process and potentially saving you money.
Combined with the projected 3% mortgage rates by the end of 2025, the market is likely to strengthen, especially in prime areas. Expect a more competitive market next spring as both sales volume and home prices are predicted to rise.
If you’re considering a move or want to take advantage of these new rules, now is the perfect time to explore your options. Let’s connect to discuss the best strategy for you!
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