Mortgage Changes

Many changes in Canadian mortgage rules have recently been announced by the Canadian government. These changes are designed to enhance affordability and accessibility for homeownership, while also promoting multi-unit living to address Canada’s current housing shortage.✨

1. By extending the amortization period, your monthly payments become more affordable, or you can be approved for a larger mortgage loan, making it easier for home buyers to enter the market and making it easier for them to manage their payments.✨

2. This $500k increase reflects the rising property values in many Canadian markets, offering buyers more opportunities to purchase homes in higher price ranges while still benefiting from the protection and advantages that come with mortgage insurance.✨

3. The removal of the stress test at renewals provides mortgage holders with more freedom to shop for best rates or different terms, without having to worry about qualifying again at a 2% higher rate.✨

4. Insuring refinances up to 90% when adding a secondary suite, is being implemented to increase in-demand rental supply, while helping homeowners offset rising mortgage costs.✨

Many of these rules don’t come into effect until the end of 2024 / start of 2025. To learn more about how these rules could impact your mortgage strategy, reach out today!✨