The Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced significant changes to mortgage rules. Many of these changes reflect MPC’s persistent advocacy on behalf of our industry and Canadian homebuyers. Among the new measures are several key initiatives:
An Increase to the Insured Mortgage Price Cap: The government will raise the price cap from $1 million to $1.5 million, to reflec the realities of today’s housing market. Effective December 15, 2024, this change will help more Canadians qualify for insured mortgages.
Expanded Eligibility for 30-Year Amortizations: First-time homebuyers and all buyers of new builds will now be eligible for 30-year insured mortgage amortizations. This is a crucial step in reducing monthly mortgage payments and helping more Canadians achieve the dream of owning a home.
Increased Mortgage Competition: The strengthened Canadian Mortgage Charter now enables insured mortgage holders to switch lenders at renewal without being subject to another stress test. This will foster greater competition and ensure Canadians have access to the best mortgage deals.
