The Canadian government has announced a series of new mortgage rule changes that will take effect on December 15, 2024
All FIRST-TIME HOMEBUYERS and NEW BUILD BUYERS are now eligible for 30-year amortizations a move that will ease monthly payment pressures. In addition the limit for a high ratio mortgage (less than 20% down payment) will increase from $1 million to $1.5 million.
The down payment rules will remain the same. 5% down for the first $500,000 of the purchase price and 10% down for the portion between $500,000 and $1.5 million.
To qualify as a first-time homebuyer you must meet one of the criteria below
- You must not have bought a home before.
- You must not have owned or lived in a home in the past four years.
- You must have recently gone through a marriage or common-law relationship breakdown, as recognized by the Canada Revenue Agency
Contact me to see how these changes could help you and what your best options are.