New Canadian Mortgage Rule changes

Major Mortgage Reforms Set to Make Homeownership More Accessible for Canadians

In a move to help more Canadians achieve their dream of owning a home, the federal government announced major mortgage reforms on September 16, 2024. These reforms are aimed at addressing the rising costs of homeownership, especially for younger generations like Millennials and Gen Z, who often face affordability challenges. Here’s a breakdown of the key changes and what they mean for homebuyers.

1. Extended Mortgage Amortizations

Starting August 1, 2024, first-time homebuyers purchasing newly built homes, including condos, can take advantage of 30-year insured mortgage amortizations. The goal of this change is to reduce the size…

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