New Mortgage Reforms Make Homeownership More Accessible for

New Mortgage Reforms Make Homeownership More Accessible for First-Time Buyers
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The Canadian government has introduced what it calls the most significant mortgage reforms in decades, aimed at helping first-time homebuyers and encouraging new housing construction. On Monday, the Department of Finance Canada announced that, starting December 15, 2024, all first-time homebuyers and those purchasing newly built homes will be eligible for 30-year mortgage amortizations. This move is designed to reduce monthly payments and make homeownership more affordable for Canadians.
In addition, the government will raise the price cap for insured mortgages from $1 million to $1.5 million, reflecting the rising home prices in cities across the country. This increase will make it easier for Canadians to secure a mortgage with a down payment of less than 20%, which has not been adjusted since 2012.
"Building on our efforts to assist with down payments, these reforms are the boldest we’ve seen in decades, opening the door to homeownership for younger Canadians," said Deputy Prime Minister and Minister of Finance, Chrystia Freeland. The new rules also allow homeowners to switch lenders at renewal without undergoing a new stress test, fostering competition and potentially securing lower interest rates.
These measures complement the Liberal government’s previous commitments, such as the 2024 Budget initiative, which allowed 30-year amortizations for first-time buyers of new builds starting August 1, 2024. The government hopes that these reforms will not only help more Canadians afford homes but also encourage the construction of new housing to address the country’s ongoing housing shortage.
Minister of Housing, Infrastructure and Communities, Sean Fraser, added, “Everyone deserves a safe and affordable place to call home, and these reforms are a major step toward making that a reality for Canadians looking to buy their first home.”
These changes form part of the government’s broader strategy to build nearly four million new homes across Canada.
KSK Team from 1NE Collective Realty
KSKVancouver.com
Contact:
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Ken Wong: 604-767-8793
Sueann Fong: 778-788-2211
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Julian Nguyen 778-512-1293
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