Government Introduces Biggest Mortgage Reforms in Decades to Boost Homeownership | Mani Bagga

📢 Government Introduces Biggest Mortgage Reforms in Decades to Boost Homeownership! 🇨🇦🏡
On September 16, 2024, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance announced exciting reforms to make homeownership more accessible, especially for Millennials and Gen Z! The new mortgage rules, effective August 1, 2024, are a game-changer, introducing 30-year insured mortgage amortizations for first-time homebuyers of new builds, making it easier to step into the housing market.
🚨 Key Highlights:
1. The insured mortgage price cap is increasing from $1 million to $1.5 million as of December 15, 2024, helping more Canadians qualify with a lower downpayment.
2. Expanded eligibility for 30-year mortgage amortizations for first-time homebuyers and buyers of new builds, reducing monthly payments and boosting housing construction!
3. The Canadian Mortgage Charter will allow insured mortgage holders to switch lenders at renewal without another stress test, promoting better competition and helping Canadians secure the best deals.
These are the most significant mortgage changes in decades and are part of the government’s bold plan to build nearly 4 million new homes! 🏘️
Stay tuned for updates on the upcoming Renters' Bill of Rights and Home Buyers' Bill of Rights, which will provide greater protections, transparency, and fairness for homebuyers and renters.
Ready to turn your homeownership dream into a reality? Stay informed! 🏡
780.431.5615 | www.ManiBagga.com
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[@mkailey9336]

Nice!!

[@memissipar868]

Very nice change keep doing what are you guys doing? Make a lower and be appreciated. Have a nice day.

[@stephenfermoyle4578]

we have all heard the news