There have been changes to Canada’s mortgage rules that could open up great opportunities for you. Whether you’re a first-time buyer, considering refinancing, or approaching your mortgage renewal, these changes may positively impact your mortgage options.
A summary of recent mortgage industry changes:
As of November 21, 2024:
• No stress test qualifying for mortgage switches (both insured and uninsured)
As of December 15, 2024:
• 30-year amortizations available for first-time homebuyers
• 30-year amortizations available for anyone buying a new build home
• Insured mortgages (less than 20% down) can be up to $1.5 million
Starting January 15, 2025:
• Refinances allowed up to 90% of your value if adding a secondary suite
While more details are to come, these rule changes are set to provide greater flexibility and new possibilities for Canadian homeowners. I’d love to help you understand how these updates could potentially benefit your situation.