09/19/2024
📢New Mortgage Reforms for Home-Buyers🏡
The Canadian Government has raised the insured mortgage cap from $1M to $1.5M AND extended 30-Year amortizations for first-time buyers and new builds.
Home affordability is a barrier facing the younger generation trying to get into a higher-priced market and these reforms provide an opportunity for lower monthly payments, lower down payments, and more access to home ownership🚪
This may not be the best option for everyone… but it does widen the playing field and it is an update in our mortgage laws⚖️