09/16/2024
🌟GOOD NEWS🌟
Finance Minister Chrystia Freeland announced two significant changes to federal mortgage policy Monday, raising the price cap for insured mortgages to $1.5-million, up from $1-million, and expanding eligibility for 30-year mortgage amortizations to all first-time homebuyers.�The government described the announcement as the most significant mortgage reforms in decades. Both changes are to be in place as of Dec. 15.�Raising the insurance threshold to $1.5-million will help first time homebuyers in Vancouver, Toronto and many parts of southern Ontario where the typical home price is more than $1-million.�Mortgage insurance is required in order to purchase a home with a down payment of less than 20 per cent.