New Rules for Insured Mortgages coming soon…

Big Changes Coming to Insured Mortgages in Canada

What You Need to Know

On September 24, 2024, the federal government announced significant changes to the rules governing insured mortgages in Canada. These new parameters, set to take effect this December, are designed to make homeownership more accessible for many Canadians. Let's break down what these changes mean for potential homebuyers. 

Two Major Changes

1. Expanded eligibility for 30-year amortizations

2. An increase in the price cap for insured mortgages from $1 million to $1.5 million