1 million to 1.5 million and 30 year amortization changes

Posted On Dec 16, 2024

Increased insured mortgage cap

The maximum price for insured mortgages has increased from $1 million to $1.5 million, opening the door for buyers in higher-priced markets like Toronto and Vancouver to qualify for high loan-to-value mortgage insurance with a smaller down payment

Expanded 30 year amortizations

Eligibility for 30-year amortization periods on insured mortgages has been broadened to include all first-time homebuyers and purchasers of new builds, provided the loan-to-value ratio is 80% or higher.

The rules for down payments remain the same:

• 5% on the first $500,000 of the purchase price
• 10% on the portion between $500,000 and $1.5 million

First-time homebuyers must meet criteria such as not having owned a home in the last four years or having experienced a breakdown in a marriage or common-law relationship.

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Source:https://www.canadianmortgagetrends.com/2024/12/new-mortgage-rules-take-effect-tomorrow-more-may-be-coming-on-monday-economist-says/?utm_campaign=Daily%20News&utm_medium=email&_hsenc=p2ANqtz-_3qKtE85iF6MWJ08KmPJJAuyRbynOR2ZJ1nOtCPdtOV64cZ47PqjjCMUXGG7mDpGV8De7XCFCaSCvPcuxgmZG4j6new6QgUbrkB7Knj-ue9uLpgfQ&_hsmi=338747330&utm_content=338747330&utm_source=hs_email