As my fave Queen Taylor would say - Are You Ready For it?
Big changes are coming for first-time homebuyers on December 15, 2024, that could open the door to homeownership for many Canadians. The federal government is introducing major reforms, including:
CMHC Insured Mortgage Limit Increase to $1.5 Million: This will expand access to homes in high-priced markets, like the GTA, where finding properties under $1 million is increasingly rare.
30-Year Amortizations for All First-Time Homebuyers: Originally limited to newly built homes, the government is now extending 30-year amortizations to all first-time homebuyers. This could reduce monthly mortgage payments by as much as $300 on a $650,000 mortgage, offering more breathing room for buyers.
These measures are designed to address housing affordability and support the government's plan to build nearly 4 million new homes across Canada.
Why This Matters for You
If you've been struggling to find a home due to high prices or difficulty saving for a 20% down payment, this new policy could be the solution you've been waiting for. By raising the insured mortgage cap and extending amortization, the government is giving first-time buyers more buying power, particularly in competitive markets.
What to Expect
This could lead to a very busy early spring market in 2025. As more buyers take advantage of these reforms, demand may push home prices up, especially as interest rates begin to stabilize or drop.
Call to Action
If you're a first-time homebuyer, December 15, 2024, is the date to watch. Now is the time to get pre-approved and prepare for what is shaping up to be one of the most competitive markets in recent years. As a mortgage broker focused on helping Canadians navigate these changes, I’m ready to help you secure the best options for your home purchase.
Realtors: Get ready for the flood of activity. My clients will be pre-approved, and I'll be reaching out to partner with you!
First Time Buyers: Let’s connect now so you’re fully prepared when these changes take effect!
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