🧐 New Mortgage Rules: Longer Terms, Lower Down Payments, and Big Savings for First-Time Buyers.

👉 🧐 New Mortgage Rules: Longer Terms, Lower Down Payments, and Big Savings for First-Time Buyers.

👉The federal government of Canada introduced new mortgage rules that bring significant benefits for first-time homebuyers. Starting December 15th, eligible buyers can access a 30-year amortization period for both new and resale properties, giving them more time to pay off their mortgages.

To qualify as a first-time homebuyer, you must not have lived in a qualifying home (owned by you or your spouse) as your primary residence in the past four years.

👉Another key change is the increase in the CMHC insurance cap from $1 million to $1.5 million. This eliminates the 20% down payment requirement. Instead, buyers can put down 5% on the first $500,000 of the home’s price and 10% on the remainder.

For a $1.5 million home, the down payment would be $125,000, leaving a mortgage of $1,375,000 (plus closing costs and insurance premium).
Additionally, homeowners switching lenders during mortgage renewal will no longer need to pass the stress test.


👉With inflation currently at 1.95%, experts predict fixed mortgage rates could drop to the 3% range by 2025 as the Bank of Canada focuses on boosting economic growth.


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