In September 2024, the Canadian government introduced major mortgage reforms to help more Canadians, especially Millennials and Gen Z, achieve homeownership. These changes, effective December 15, 2024, aim to lower mortgage costs and increase access to home loans.
Key Changes:
Increased Insured Mortgage Cap: The limit for insured mortgages will rise from $1 million to $1.5 million, allowing more Canadians to qualify for mortgages with less than a 20% down payment.
30-Year Mortgage Amortizations: First-time homebuyers and buyers of new builds can now opt for a 30-year mortgage, reducing their monthly payments and making homeownership more affordable.
Why This Matters:
These reforms could save homebuyers hundreds of dollars per month, making mortgages more manageable. Additionally, more Canadians will qualify for loans, making it easier to secure a home in today’s market.
How a Notary Public Can Help:
A notary public ensures that all the legal documents involved in buying a home are handled correctly, giving you peace of mind throughout the process. Contact us today to schedule a consultation and ensure your home purchase goes smoothly.
