Canada Government Announces Boldest Mortgage Reforms in Decades
New Mortgage Reforms Making Homeownership More Accessible!
The Federal Government has the Most Ambitious Housing Plan in Canadian History. The Canadian government has recently made significant changes to its mortgage policies aimed at increasing housing affordability. These reforms are designed to help first-time homebuyers and boost housing supply.
✅30-Year Mortgage Amortization for First-Time Buyers: Starting from August 2024, the government will allow first-time buyers purchasing new builds to extend their mortgage amortization period to 30 years, reducing monthly payments and making homeownership more accessible effective from December 15, 2024.
✅Increased Insured Mortgage Price Cap: The insured mortgage price cap will rise from $1 million to $1.5 million, effective from December 15, 2024. This will allow more homebuyers in expensive markets, such as Toronto and Vancouver, to qualify for insured mortgages with smaller down payments.
These measures are part of a broader strategy to improve housing accessibility and affordability in Canada, particularly for younger generations.
Read more at:
https://www.freedomcapital.com/canada-government-announced-mortgage-reforms-to-broaden-homeownership/
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